Constructing Financial Statements from Transaction Data Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $40,000 for January sales. 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.

Income Statement Sales. . . . . . . . . . . . . . . . . . . $

Wages expense . . . . . . . . . .

Net income (loss) . . . . . . . . . $

Balance Sheet Cash . . . . . . . . . . . . . . . . . . . $

Accounts receivable. . . . . . .

Total assets. . . . . . . . . . . . . . $

Wages payable. . . . . . . . . . . $

Retained earnings . . . . . . . .

Total liabilities and equity . . . $