Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $ 40,000 for January sales. Its employees also earn January wages of $ 12,000 that are not paid until the first of February. Complete the following statements for the month-end of January.

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Income Statement Sales.... Wages expense Net income (loss)... SA $ Balance Sheet Cash...... Accounts receivable.... Total assets.... .... 697 $ Wages payable...... Retained earnings Total liabilities and equity... $ 69