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Prepare an owner equity statement for the year

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Reference no: EM133010387

These financial statement items are for Ivanhoe Company at year-end, July 31, 2022.

Salaries and wages payable $ 1,800

Notes payable (due after 2023) $ 2,000

Salaries and wages expense 51,900

Cash 15,600

Utilities expense 22,900

Accounts receivable 10,700

Equipment 31,900

Accumulated depreciation-equipment 6,500

Accounts payable 5,000

Owner's drawings 2,600

Service revenue 63,300

Depreciation expense 4,500

Rent revenue 8,400

Owner's capital (beginning of the year) 53,100

Problem 1: Prepare an income statement for the year.

Problem 2: Prepare an owner's equity statement for the year. The owner did not make any new investments during the year.

Problem 3: Prepare a classified balance sheet at July 31.

Reference no: EM133010387

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