Selected accounts of Olsevik Janitorial Supplies, at July 31, 2017,

Selected accounts of Olsevik Janitorial Supplies, at July 31, 2017, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Olsevik Janitorial Supplies uses the periodic inventory system.
Selected accounts of Olsevik Janitorial Supplies, at July 31, 2017,

Required
1. Prepare the business's single-step income statement for the year ended July 31, 2017.
2. Prepare Olsevik Janitorial Supplies' statement of owner's equity at July 31, 2017.
3. Prepare Olsevik Janitorial Supplies' classified balance sheet in report format at July 31, 2017.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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