E$4\mathrm{.}17($LO $4)$ These financial statement items are for Basten Company at year$-$end, July $31,2022.$

Salaries and wages payable $ $2,080$ Notes payable $($due after $2023)$ $ $1,800$

Salaries and wages expense $48,700$ Cash $14,200$

Utilities expense $22,600$ Accounts receivable $9,780$

Equipment $34,400$ Accumulated depreciation$$equipment $6,000$

Accounts payable $4,100$ Owner$$s drawings $3,000$

Service revenue $63,000$ Depreciation expense $4,000$

Rent revenue $8,500$ Owner$$s capital $($beginning of the year$)51,200$

Instructions

a$)$ Prepare an income statement and an owner$$s equity statement for the year. The owner did not

make any new investments during the year.

b$)$ Prepare a classified balance sheet at July $31$

Answer rating: 100% (QA)

a Income Statement and Owners Equity Statement for the year Income Statement Service Revenue 63000 R... View the full answer