prepare balance sheet if profit iss 48500 dollar capital is 69400

Accounts payable Accounts receivable Marshall Eriksen, capital, July 31, 2019* Marshall Eriksen, withdrawals Cash Furniture Interest expense Notes payable Drafting Equipment Prepaid rent Rent expense Design revenue Project Management revenue Supplies Supplies expense Utilities expense Wages expense $ 12,500 73,000 82,400 61,500 8,700 16,300 5,200 51,000 22,300 7,100 29,500 8,700 177,500 5,500 19,000 12,900 71,100 9 YntThe ending capital balance for one period is the beginning capital balance for the next period. There were no owne Investments during the year ended July 31, 2020. Required: a. Prepare an Income statement for the year ended July 31, 2020 20 points Revenues Design revenue Project Management revenue $ 8,700 177,500 Total revenues 186,200 $ 5,200 Operating expenses Interest expense Rent expense Supplies expense Utilities expense Wages expense 29,500 19,000 12,900 71,100 Total operating expenses 137.700 48,500 Profit Test #1 G Problem 1-4A Financial statements v2 9 On July 1, 2019, Eriksen and Associates Architects entered its second year of operations. Eriksen and Associates Architects provides high-quality architectual designs and project management On July 31, 2020, Marshall Eriksen, the owner, finalized the company's records, which showed the following items. 20 moints X 00:32:00 Cash Accounts payable Accounts receivable Marshall Eriksen, capital, July 31, 2019 Marshall Eriksen, withdrawals Furniture Interest expense Notes payable Drafting Equipment Prepaid rent Rent expense Design revenue Project Management revenue Supplies Supplies expense Utilities expense Wages expense $ 12,500 73,000 82,400 61,500 8,700 16,300 5,200 51,000 22,300 7,109 29,500 8,700 177,500 5,500 19,000 12,900 71,100 *Hint: The ending capital balance for one period is the beginning capital balance for the next period. There were no owne investments during the year ended July 31, 2020. Required: a. Prepare an income statement for the year ended July 31, 2020. Eriksen and Associates Architects Income Statement