A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Accounts Wages Owner's Equity Investment Cash Inventory Equipment Payable Payable by Owner Withdrawals 1 $52,250 $52,250 2 (6,000) $6,000 3 $22,500 $22,500 4 1,250 $1,250 5 (750) (750) 6 600 (600) 7 $3,825 (3,825) 8 3,200 3,200 9 175 (175) 10 (1,000) 1,000 Ending Balance 48,950 6,000 23,500 23,275 3,825 49,850 0 A L+OE 78,425 27,575 49,850 B. Create the Income Statement. Use minus sign to indicate the loss. Pancake Palace Income Statement. For the Month Ended July 31 Revenues 4.450 Expenses 1,050) Net Income 5.500 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 $0 Increases: Total Increase Decreases: Withdrawals by Owner Total Decrease Chuck, Capital: June 30, 2018 00 Feedback Check My Work C. What is the beginning balance of a newly formed company? How is owner's equity accumulated? 13 Assets: 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 Total Assets Liabilities: Total Liabilities Total Liabilities and Owner's Equity 00000 0000 4