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.