Reference no: EM133186740
Question - These financial statement items are for ABC Company at year-end, July 31, 2021.
Salaries and wages payable $2,980 Notes payable (long-term) $3,000
Salaries and wages expense 26,500 Cash 10,200
Utilities expense 1,300 Accounts receivable 13,780
Equipment 48,000 Accumulated depreciation 6,000
Accounts payable 4,100 Owner's Drawings 3,500
Service revenue 77,200 Depreciation expense 5,000
Owner's capital (beg. of year) 48,000
Rent expense 22,000 Supplies 2,000
Land 9,000
Required - Using the accounts listed above and their corresponding balances, prepare the following financial statements. Show each account by name and amount separately on the appropriate statement and show totals where applicable. Every account above must be used.
(a) Prepare an income statement
(b) Prepare an owner's equity statement for the year. The owner did not make any new investments during the year.
(c) Prepare a balance sheet at July 31.
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