The adjusted trial balance for Okabe Company is presented in exercise.
In Exercise, Okabe Company ended its fiscal year on July 31, 2017. The company€™s adjusted trial balance as of the end of its fiscal year is shown below.

Instructions
(a) Prepare an income statement and an owner€™s equity statement for the year. Okabe did not make any capital investments during the year.
(b) Prepare a classified balance sheet at July31.

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OKABE COMPANY Adjusted Trial Balance July 31, 2017 Account Titles Debit Credit No. 101 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation Equip. 201 208 Unearned Rent Revenue 301 306 Cash 9,840 $ 7,400 Accounts Payable 4,220 45,200 64,000 Owner's Drawings 16,000 429 Rent Revenue 6,500 711Depreciation Expense 726 Salaries and Wages Expense Utilities Expense 8,000 55,700 4,900 732 $129,120 129,120