Using your answer from Exercise 1-23, prepare an income statement, a statement of changes in equity, and

Question:

Using your answer from Exercise 1-23, prepare an income statement, a statement of changes in equity, and a for July 2014.
In exercise 1-23

a. Collected $800 from a credit customer.
b. Paid $2,500 for equipment purchased on account in June.
c. Did work for a client and collected cash; $1,100.
d. Paid the part-time worker's wages; $950.
e. Paid the July rent; $ 1,200.
f. Paid the July utilities; $600.
g. Performed services for a customer on credit; $1,600.
h. Called a repair person to fix the equipment in August; it will cost $350.
Analysis Component: Review Otto's balance sheet. How much of the assets are financed by Otto Ingles? How much of the assets are financed by debt?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...