Camilia Communications reported the following figures from its adjusted trial balance for its first year of business, which ended on July 31, 2018: Cash $2,900
Selling 1,400
Expenses 4,300
Accounts Payable 4,365
Common Stock
Notes Payable, long-term 500
Merchandise Inventory 1,100
Administrative Expenses 3,300
Cost of Goods Sold 18,700
Equipment, net 9,500
Accrued Liabilities 1,800
Net Sales 29,200
Revenue 65 500
Accounts Receivable 3,200
Interest Expense 65
Preparing a merchandiser's income statement
Prepare Camilia Communication's multi-step income statement for the year ended July 31, 2018.
Requirements
1. Journalize the required closing entries for Rocky.
2. Determine the ending balance in the Retained Earnings account