These financial statement items are for ABC Company at year-end, July 31, 2021.

Salaries and wages payable $ 2,980 Notes payable (long-term) $ 3,000

Salaries and wages expense 26,500 Cash 10,200

Utilities expense 1,300 Accounts receivable 13,780

Equipment 48,000 Accumulated depreciation 6,000

Accounts payable 4,100 Owner's Drawings 3,500

Service revenue 77,200 Depreciation expense 5,000

Owner's capital (beg. of year) 48,000

Rent expense 22,000 Supplies 2,000

Land 9,000

Instructions - using the accounts listed above and their corresponding balances, prepare.the following financial statements. Show each account by name and amount separately on the appropriate statement and show totals where applicable. Every account above must be used.

(a) Prepare. an income statement

(b) Prepare. an owner's equity statement for the year. The owner did not make any new investments during the year.

(c) Prepare a balance sheet at July 31.

(a)

ABC COMPANY

Income Statement

For the Year Ended July 31, 2021

Revenues

Expenses

Net income..............................................................................................

(b) ABC COMPANY

Owner's Equity Statement

For the Year Ended July 31, 2021

Owner's Capital, August 1, 2020.............................................................

Add:

Less:

Owner's Capital, July 31, 2021................................................................

(c) ABC COMPANY

Balance Sheet

July 31, 2021

Assets

Total assets

Liabilities and Owner's Equity

Liabilitites:

Owner's Equity:

Owner's Capital

Total Liabilities and Owner's Equity