1 2 3 S 6 7 Check My Work Cash 8 9 Assets Inventory $50,225 (6,200) $23,500 1,250 (750) 3,200 10 1,000 (1,000) 46,725 ? Ending Balance 6,200? 24,500? A=L+OE 77,425 ? B. Create the Income Statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 4,450? ? 4,825) Net Loss -? -375 ? All work cond Equipment $6,200 Liabilities Accounts Payable $23,500 600 175 24,275 ? Wages Payable $3,300 3,300? 27,575 ? Owner's Equity Investment by Owner Withdrawals $50,225 (750) (600) (3,300) 3,200 (175) 50 ? 49,850 V eBook Net Loss -375 C. Create the Statement of Owner's Equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Cheesy Chuck's Classic Corn Statement of Owner's Equity For the Month Ended June 30, 2018 Chuck, Capital: June 1, 2018, 50 Increases: Investment by Owner ? X Net Income ? X Total Increase 50,225 Decreases: Withdrawals by Owner Net Loss ? 375 Total Decrease -375 49,850 ? Chuck, Capital: June 30, 2018 D. Create the Balance Sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign, Pancake Palace Balance Sheet July 31 Assets: Cash 0 375 Total Decrease 49,850 Chuck, Capital: June 30, 2018 D. Create the Balance Sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet July 31 Oo Assets: Cash ? 46,725 Inventory -V 6,200 Equipment -V 24,500 77,425 ? Total Assets Liabilities: Accounts Payable 24,275 Wages Payable 3,300 Total Liabilities 27.575 Owner's Equity - V 49,850 77,425 ? Total Liabilities and Owner's Equity