The adjusted trial balance for Huang Automotive is presented in E4.8.

Instructions
a. Prepare an income statement and an owner’s equity statement for the year. Huang did not make any capital investments during the year.
b. Prepare a classified statement of financial position at July 31.

Data From Exercise 8

Huang Automotive ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows.

Transcribed Image Text:

Huang Automotive Adjusted Trial Balance July 31, 2020 Credit No. Account Titles Debit NT$ 9,840 101 Cash 112 Accounts Receivable 8,780 Equipment Accumulated Depreciation-Equip. Accounts Payable 157 15,900 NT$ 7,400 158 201 4,220 208 Unearned Rent Revenue 1,800 Owner's Capital Owner's Drawings 301 45,200 306 16,000 64,000 400 Service Revenue 429 Rent Revenue 6,500 711 Depreciation Expense Salaries and Wages Expense Utilities Expense 8,000 726 55,700 732 14,900 NT$129,120 NT$129,120