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.

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.

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Accounts Payable Accounts Receivable Accumulated Amortization- 102,000 117,000 Inventory: July 31, 2016.$ Inventory: July 31, 201 .$730,000 Notes Payable, Long-Term 500,000 1,361,000 23,000 25,000 52,800 1,891,200 317,250 16,200 34,800 Equipment B. Olsevik, Capita. B. Olsevik, Withdrawal 61,500 Purchases 863,400 ...42,300 Salaries Payable 46,200 Sales Returns and Allowances.... 484,000 Sales Revenue 284,250 Selling Expenses Equipment General Expenses Interest Expense Interest Payable Interest Revenue 10,200 Supplies 8,800 Unearned Sales Revenue 1,500