Exercise 4-17These financial statement items are for Emjay Company at year-end J

Exercise 4-17These financial statement items are for Emjay Company at year-end July 31 2014.Salaries and wagespayable $1963 Notes payable (long-term) $1659Salaries and wagesexpense 51129 Cash 14292Utilities expense 22944 Accounts receivable 9644Equipment 31457 Accumulated depreciationequip.5606Accounts payable 4775 Dividends 3500Service revenue 62759 Depreciation expense 4480Rent revenue 8404 Retained earnings(beginning of the year) 22980Common stock 293001. Prepare an income statement for the year.2. Prepare a Retained Earnings statement for the year.3. Prepare a classified balance sheet at July 31