Exercise 2-8 (Part Level Submission) These financial statement items are for Tamarisk, Inc. at year-end, July 31, 2017. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2020) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $3,480 58,800 17,400 19,900 4,100 67,400 10,300 3,600 16,000 30,500 11,580 8,000 4,000 6,000 35,300 (b) Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.) Tamarisk, Inc. Balance Sheet July 31, 2017 Assets Current Assets Cash 30,500 Accounts Receivable 11,580 Total Current Assets 42,080 Property, Plant and Equipment Equipment 19,900 Less 8,000 19,100 Accumulated Depreciation-Equipment Total Assets 61,180 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 4,100 Salaries and Wages Payable 3,480 Total Current Liabilities 7,580 Long-term Liabilities Notes Payable 3,600 Total Long-term Liabilities 3,600 Stockholders' Equity Common Stock 16,000 Retained Earnings 26,800 Total Stockholders' Equity 42,800 Total Liabilities and Stockholders' Equity