Problem 1 3 These financial s tatement items are for Saudi Company at year - end, July 31, 2010. Salaries payable $ 2,080 Note payable (long - term) $ 1,800 Salaries expense 51,700 Cash 24,200 Utilities expense 22,600 Accounts receivable 9,780 Equipment 18,500 Accumulated depreciation 6,000 Accounts payable 4,100 Saudi , Drawing 4,000 Commission revenue 61,100 Depreciation expense 4,000 Rent revenue 8,500 Saudi, Capital (beginning) 51,200 Instructions (a) Prepare an income statement and a statement of changes in owner's equity for the year. The owner did not make any new investments during the year. (b) Prepare a balance sheet at July 31.