Question: Please label answers please and explain 2-8 These financial statement items are for Fairview Corporation at year-end, July 31, 2017. 5 Salaries and wages payable

Please label answers please and explain

2-8 These financial statement items are for Fairview Corporation at year-end, July 31, 2017. 5 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 2,080 57,500 15,600 18,500 4,100 66,100 8,500 1,800 16,000 29,200 9,780 6,000 4,000 4,000 34,000 I Depreciation expense Retained earnings (beginning of the year) Instructions (a) Prepare an income statement and a retained earnings statement for the year. Fairview Corporation did not issue any new stock during the year. (b) Prepare a classified balance sheet at July 31 (c) Compute the current ratio and debt to assets ratio. hcident of unar iment Your sales manager has an

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