These financial statement items are for Vaughn Tax Services at year-end, July 31, 2020. 2,000 Notes payable (long-term) 1,728 Salaries and wages payable Salaries and wages expense 46,752 Cash 13,632 21,696 Accounts receivable 9,392 Utilities expense Equipment 33,024 Accumulated depreciation-equipment 5,760 Accounts payable 3,936 Dividends 2,880 Service revenue 60,480 Depreciation expense 3,840 Rent revenue 8,160 Retained earnings (beginning of the year) 29,952 Share capital-ordinary 19,200 VAUGHN TAX SERVICES Income Statement For the Year Ended July 31, 2020 Revenues Service Revenue 60480 Rent Revenue 8160 Expenses 68640 Total Expenses Salaries and Wages Expense 46752 i Utilities Expense 21696 i Depreciation Expense 3840 i Total Expenses 72288 i Net Income /(Loss) -3648 VAUGHN TAX SERVICES Statement of Financial Position July 31, 2020 Assets 13632 9392 23024 33024 -5760 27264 50288 Equity and Liabilities Current Liabilities Accounts Payable Salaries and Wages Payable Current Liabilities Total Liabilities Notes Payable Total Liabilities Share Capital-Ordinary 19200 Retained Earnings 23424 Total Equity Total Equity and Liabilities Total Equity and Liabilities Equity and Liabilities 3936 2000 5936 1728 19200 23424 42624 7664 50288