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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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