E4-17

Instructions Prepare a classified balance sheet in good form as of December 31, 2017. tatements. E4-17 These financial statement items are for Basten Company at year-end, July 31, 2017. 1,800 14,200 9,780 34,400 Accumulated depreciation-equipment 6,000 3,000 4,000 8,500 Owner's capital (beginning of the year) 51,200 2,080 Notes payable (long-term) 48,700 Cash Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue Rent revenue 22,600 Accounts receivable 4,100 Owner's drawings 63,000 Depreciation expense Instructions (a) Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year (b) Prepare a classified balance sheet at July 31