Answer 2c

xercise 2-8 (Part Level Submission) hese financial statement items are for Whispering Winds Corp. at year-end, July 31, 2017. alaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) $3,580 59,500 17,000 20,000 4,100 68,100 9,900 3,300 16,000 30,600 11,280 7,500 4,000 5,500 35,400 Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) (al) E] Your answer is correct. Prepare an income statement for the year. Whispering Winds Corp, did not issue any new stock during the year. Whispering Winds Corp. Income Statement Year Ended July Service Revenue 68100 Rent Revenue Expenses Salaries and Wages Expense 59500 17000 Supplies Expense 5500 Depreciation Expense 82000 Total Expenses -4000 Net Income/ (Loss) SHONLIST OF ACCOUNTS SHOW SOLUTION SHON ANSWER LINK TO TEXT LINK TO TEKT (a2) Your answer is correct. Prepare a retained carnings statement for the year. Whispering Winds Corp. did not issue any new stock during the year. Whispering Winds Corp. Retained Earnings Retained Earnings, August 1, 2016 Less: Dividends Less Net Income / (Loss) 35400 (4000) (4000) Retained Earnings, July 31, 2017 27400 Your answer is correct. Prepare a classified balance sheet at July 31.(List current assets in order of liquidity.) Whispering Winds Corp. Balance Sheet uly 31, 2017 Assets Current Assets Cash 30600 Accounts Receivable 11280 Total Current Assets 41 Property, Plant and Equipment Equipment 20000 Less: Accumulated Depreciation-Equipment 7500 12500 Total Assets 54380 Liabilities and Stockholders' Equity Current Accounts Payable 4100 Salaries and Wages Payable Long-term Liabilities Notes Payable Total Stockholders' Equity Common Stock 16000 27400 Retained Earnings Total Stockholders' Equity 43400 Total Liabilities and Stockholders' Equity 54380 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Compute the current ratio and debt to assets ratio. (Round answers to 1 decimal place, e.g. 15.2.) Current ratio Debt to assets ratio 9