Suppose Uptown Sporting Goods Company reported the following data at July 31, 2014, with amounts in thousands:

Use these data to prepare Uptown Sporting Goods Company’s single step income statement for the year ended July 31, 2014; statement of retained earnings for the year ended July 31, 2014; and classified balance sheet at July 31, 2014. Use the report format for the balance sheet. Draw arrows linking the threestatements.

Transcribed Image Text:

Retained carnings, July 31, 20136,500 Cost of goods sold. Accounts receivable Net revenues180,500 Property and cquipment, net... $136,000 26,700 19,800 22,500 35,000 7,500 0 28,000 Cash.... All other expenses Other current asscts 29,600 Inventorics... 5,000 Long-term liabilitics