These financial statement items are for Basten Company at year-end, July 31, 2019.
| Salaries and Wages Payable | $2,080 | Notes Payable (long-term) | $1,800 |
| Salaries and Wages Expense | 48,700 | Cash | 14,200 |
| Utilities Expense | 22,600 | Accounts Receivable | 9,780 |
| Equipment | 34,400 | Accumulated depreciation-equipment | 6,000 |
| Accounts Payable | 4,100 | Owner's Drawings | 3,000 |
| Service Revenue | 63,000 | Depreciation Expense | 4,000 |
| Rent Revenue | 8,500 | Owner's capital (beginning of the year) | 51,200 |
Instructions
- Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.
- Prepare a classified balance sheet at July 31, 2019.
Solution
a.
Basten Company
Income Statement
For the Year Ended July 31, 2019
Income Statement
For the Year Ended July 31, 2019
Basten Company
Owner's Equity Statement
For the Year Ended July 31, 2019
Owner's Equity Statement
For the Year Ended July 31, 2019
b.
Basten Company
Classified balance sheet
July 31, 2019
Classified balance sheet
July 31, 2019
