These financial statement items are for Basten Company at year end, July 31, 2024.

Instructions
a. Prepare an income statement and a statement of owner’s equity for the year. The owner did not make any new investments during the year.
b. Prepare a classified balance sheet at July 31.

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Salaries payable Salaries expense Utilities expense Equipment Accounts payable Service revenue Rent revenue $ 2,080 48,700 22,600 34,400 4,100 63,000 8,500 Notes payable (long-term) Cash Accounts receivable Accumulated depreciation-equipment D. Basten, drawings Depreciation expense D. Basten, capital (beginning of the year) $ 1,800 14,200 9,780 6,000 3,000 4,000 51,200