Constructing Financial Statements from Transaction Data

Yost Corporation commences operations at the beginning of January. It provides its services on MBC credit and bills its customers $$126,000$ for January sales to be collected in February. Its employees also earn January wages of $$50,400$ that are not paid until the first of February. Complete the following statements for the month$-$end of January.

Income Statement

Sales Answer $1$

Wages expense Answer $2$

Net income $($loss$)$ Answer $3$

Balance Sheet

Cash $$33,600$

Accounts receivable Answer $4$

Total assets Answer $5$

Wages payable Answer $6$

Common stock $33,600$

Retained earnings Answer $7$

Total liabilities and equity Answer $8$