prepare an income statement and a retained earnings statement for the year 581564

The following items were taken from the financial statements of R. Stevens Company. (All dollars are in thousands.)

Salaries payable

$ 2,080

Note payable (long term)

$ 1,800

Salaries expense

51,700

Cash

24,200

Utilities expense

22,600

Accounts receivable

9,780

Equipment

18,500

Accumulated depreciation

6,000

Accounts payable

4,100

Dividends

4,000

Commission revenue

61,100

Depreciation expense

4,000

Rent revenue

8,500

Retained earnings (beginning

21,200

Common stock

30,000

of the year)

Instructions

(a) Prepare an income statement and a retained earnings statement for the year.

(b) Prepare a classified balance sheet at July 31.