Using the information from Problem 4A, prepare an income statement and a statement of changes in equity for the year ended December 31, 2014, and a classified balance sheet at December 31, 2014.
There were no investments by the owner during the year.
Analysis Component:
MY Auto body experienced a loss during 2014. If you were one of the business's creditors, should this loss cause you to be concerned about being paid in 2015?
In Problem 4A

O. Account Debit Credit 28,000 1,800 4,200 168 Accumulated depreciation, equipment... 201 Accounts payable. 210 Wages payable.... 30 Mike Yang, capita. . . 302 Mike Yang, withdrawals. 401 Repairfees earned.. 612 Depreciation expense, equipment 7,500 19,000 8,860 140,000 157,630 8,500 1,900 640 Rent expense..52,350 4,800 2,940 650 Office supplies expens... Total.