Exercise 4-09 a1,a2-b Sandhill Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows Sandhill Company Adjusted Trial Balance July 31, 2020 Debit No. 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense Account Titles Credit $9,400 8,900 16,000 $7,200 4,100 2,000 45,700 15,800 63,600 6,400 6,900 56,500 15,500 $129,000 $129,000 Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) SANDHILL COMPANY Income Statement For the Year Ended July 31, 2020 Owner's Capital, July 31, 2020 Service Revenue 63,600 Rent Revenue 6,400 Total Revenues 70,000 Expenses 6,900 Depreciation Expense Salaries and Wages Expense Utilities Expense 56,500 15,500 Total Expenses 78,900 Net Income/ (Loss) -8,900 2 Your answer is partially correct. Try again. repare an owner's equity statement for the year. Sandhill did not make any capital investments during the year. SANDHILL COMPANY Owner's Equity Statement For the Year Ended July 31, 2020 4 Owner's Capital, August 1, 2019 45,700 Less Drawings 15800 Net Income (Loss) (8900) 21,000 21000 Owner's Capital, July 31, 2020 Your answer is partially correct. Try again. Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) SANDHILL COMPANY Balance Sheet July 31, 2020 Assets Total Assets Equipment 16,000 Accumulated Depreciation-Equipment 7,200 Total Assets 8,800 Current Assets Cash 9,400 Less +l. Accumulated Depreciation-Equipment 18,300 Total Assets 27,100 Liabilities and Owner's Equity Owner's Equity Accounts Payable 4,100 Unearned Rent Revenue 2,100 Unearned Rent Revenue 6,100 Total Liabilities and Owner's Equity 27,100 Click if you would like to Show Work for this question: Open Show Work