Prepare income statement and owner equity statement

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Reference no: EM131577441

These financial statement items are for Knight Company at year-end 7/31/2015

Salaries Payable $4,580.00

Note Payable (long Term) 3,300.00

Salaries Expenses 45,700.00

Cash 22,200.00

Utilities Expenses 19,100.00

Account Receivable 9,780.00

Equipment 22,000.00

Accumulated Depreciation 6,000.00

Acc Payable 4,100.00

Knight Drawing 4,000.00

Commission Revenue 56,100.00

Depreciation Expenses 4,000.00

Rent Revenue 6,500.00

Knight Capital (Beginning) 46,200.00

Instructions:

a. Prepare an Income Statement and an Owner’s Equity Statement for the year. The owner did not make any new investment during the tear.

Reference no: EM131577441

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