E2-38. Construct Fina ncial Statements from Transaction Data

$ 36,000 80,000 8,000 160,000 500,000 3,000 6,000 40,000 Baiman Corporation commences operations at the beginning of January. It provides i ts services on credit and bills its customers $40,000 for January sales, which are unpaid at month-end. 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.

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