(Learning Objective 4: Construct the financial statements) Suppose Robin Sporting Goods Company reported the following data at July 31, 2018, with amounts in thousands:
Cost of goods sold $136,800
Cash 50,000
Property and equipment, net ... 19,400
Common stock 26,000
Inventories 36,000
Long-term liabilities 11,700
Dividends 0
Retained earnings,
July 31, 2017 $ 31,500
Accounts receivable 34,000
Net revenues 191,000
Total current liabilities.. 80,000
All other expenses 29,000
Other current assets 5,000
Other assets 30,000
Use these data to prepare Robin Sporting Goods Company’s single-step income statement for
the year ended July 31, 2018; statement of retained earnings for the year ended July 31, 2018;
and classified balance sheet at July 31, 2018. Use the report format for the balance sheet. Draw
arrows linking the three statements.

Robin Sporting  Goods Company

1. Single-step Income Statement for the year ended July 31, 2018:

Net revenues                           $191,000

Cost of goods sold   136,800

All other expenses           29,000   165,800

Net Income                                             $25,200

2. Statement of retained earnings for the year ended July 31, 2018:

Retained earnings,  July 31, 2017 $31,500

Net Income                                             $25,200

Dividends                          0

Retained earnings,  July 31, 2018          $56,700

3. Report Format Classified Balance Sheet as of July 31, 2018:

Assets

Current assets:

Cash         $50,000

Accounts receivable            34,000

Inventories         36,000

Other current assets             5,000     $125,000

Long-term assets:

Other assets              30,000

Property and equipment, net ... 19,400       $49,400

Total assets                                                 $174,400

Liabilities + Equity

Total current liabilities                       $80,000

Long-term liabilities                             11,700

Total liabilities                                              $91,700

Common stock         $26,000

Retained Earnings, July 31, 2018 56,700 $82,700

Total liabilities + Equity                             $174,400

Explanation:

a) Data and Calculations:

Trial Balance as of July 31, 2018:

Accounts Titles                            Debit          Credit

Cash         $50,000

Accounts receivable            34,000

Inventories         36,000

Other current assets             5,000

Other assets              30,000

Property and equipment, net ... 19,400

Total current liabilities                   $ 80,000

Long-term liabilities                          11,700

Common stock                        26,000

Retained earnings,  July 31, 2017    31,500

Net revenues                             191,000

Cost of goods sold   136,800

Dividends        0

All other expenses          29,000

Totals                                  $340,200  $340,200

b) Linkages to the three statements:

Income statement is linked to the Statement of Retained Earnings by the Net Income.  The Statement of Retained Earnings is linked to the Balance Sheet by the Retained Earnings of July 31, 2018.  There is no ability to draw arrows here.

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