Constructing Financial Statements from transaction data: Baiman Coporation comme

Question

Constructing Financial Statements from transaction data:

Baiman Coporation commences operations oat the beginning of January. It provides its services on credit and bills its customers $40000 for January sales. Its employees also earn January wages of $12000 that are not paid until the first of February. Complete the following statements for the month end of January.

Income Statement Sales $ _______ Wage Expense $ _______ Net Income (loss) $ _______ Balance Sheet Cash $ _______ Accounts Receivable $ _______ Total Assets $ _______ Wages Payable $ _______ Retained Earnings $ _______ Total Liabilities & Equity $ _______

Explanation / Answer

Answer:

Income Statement Sales 40000 Wage Expense 12000 Net Income (loss) 28000 Balance Sheet Cash 0 Accounts Receivable 40000 Total Assets 40000 Wages Payable 12000 Retained Earnings 28000 Total Liabilities & Equity 40000

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