Bai man Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $30,000 for January sales to be collected in February. Its employees also earn January wages of $12,000 that are not paid until the first of February. Complete the following statements for the month-end of January.

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Income Statement Balance Sheet Sales..... Cash..... $ 8,000 Wages expense Accounts receivable Net income (loss). 24 Total assets $ Wages payable. . Common stock.. Retained earnings 8,000 Total liabilities and equity .... %24 %24