Question: Constructing Financial Statements from transaction data: Baiman Coporation commences operations oat the beginning of January. It provides its services on credit and bills its customers

Constructing Financial Statements from transaction data:

Baiman Coporation commences operations oat the beginning of January. It provides its services on credit and bills its customers $40000 for January sales. Its employees also earn January wages of $12000 that are not paid until the first of February. Complete the following statements for the month end of January.

Income Statement
Sales	$ _______
Wage Expense	$ _______
Net Income (loss)	$ _______

Balance Sheet
Cash	$ _______
Accounts Receivable	$ _______
Total Assets	$ _______

Wages Payable	$ _______
Retained Earnings	$ _______
Total Liabilities & Equity	$ _______

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