Using the information from Problem 4A, prepare an income statement and a statement of changes in equity for the year ended December 31, 2014, and a classified balance sheet at December 31, 2014.
There were no investments by the owner during the year.
Analysis Component:
MY Auto body experienced a loss during 2014. If you were one of the business's creditors, should this loss cause you to be concerned about being paid in 2015?
In Problem 4A

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O. Account Debit Credit 28,000 1,800 4,200 168 Accumulated depreciation, equipment... 201 Accounts payable. 210 Wages payable.... 30 Mike Yang, capita. . . 302 Mike Yang, withdrawals. 401 Repairfees earned.. 612 Depreciation expense, equipment 7,500 19,000 8,860 140,000 157,630 8,500 1,900 640 Rent expense..52,350 4,800 2,940 650 Office supplies expens... Total.