These financial statement items are for Basten Company at year-end, July 31, 2017.

Instructions
(a) Prepare an income statement and an owner€™s equity statement for the year. The owner did not make any new investments during the year.
(b) Prepare a classified balance sheet at July31.

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Salaries and wages payable 2,080 Notes payable (long-term) Salaries and wages expense 48,700 Caslh Utilities expense Equipment Accounts payable Service revenue Rent revenue $1,800 14,200 9,780 34,400 Accumulated depreciation equipment 6,000 3,000 4,000 8,500 Owner's capital (beginning of the year) 51,200 22,600 Accounts receivable 4,100 Owner's drawings 63,000 Depreciation expense