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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

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 $50,000 for January sales. Its employees also earn January wages of $19,000 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 answers, unless to indicate a net loss.

Baiman Corporation
Income Statement
For the month ended January 31
Sales $Answer
Wages expense Answer
Net income (loss) $Answer

Baiman Corporation
Balance Sheet
January 31
Cash $Answer
Accounts receivable Answer
Total assets $Answer
Wages payable $Answer
Retained earnings Answer
Total liabilities and equity $Answer

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