The adjusted trial balance for Phoebe Company is presented in E4.8.

Instructions
a. Prepare an income statement and an owner€™s equity statement for the year. Phoebe did not make any capital investments during the year.
b. Prepare a classified balance sheet at July 31.

E4.8

Phoebe Company 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.

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Phoebe Company Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $ 9,840 101 Cash Accounts Receivable 112 8,780 15,900 157 Equipment Accumulated Depreciation-Equip. Accounts Payable $ 7,400 158 4,220 201 208 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 Depreciation Expense Salaries and Wages Expense Utilities Expense 8,000 711 726 55,700 732 14,900 $129,120 $129,120