Constructing Financial Statements from Transaction Data

Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $95,000 for January sales. Its employees also earn January wages of $37,000 that are not paid until the first of February. Complete the following statements for the month-end of January.

Do not use negative signs with your answers, unless to indicate a net loss.

Baiman CorporationIncome StatementFor the month ended January 31Sales$Answer

Wages expenseAnswer

Net income (loss)$Answer

Baiman CorporationBalance SheetJanuary 31Cash$Answer

Accounts receivableAnswer

Total assets$Answer

Wages payable$Answer

Retained earningsAnswer

Total liabilities and equity$Answer