These financial statement items are for Rugen Company at year-end, July 31, 2020.
Salaries and wages payable $2,980 Notes payable (long-term) $3,000
Salaries and wages expense 45,700 Cash 5,200
Utilities expense 21,100 Accounts receivable 9,780
Equipment 38,000 Accumulated depreciation 6,000
Accounts payable 4,100 Owner’s Drawings 4,000
Service revenue 57,200 Depreciation expense 4,000
Rent revenue 6,500 Owner’s capital (beginning of the year) 48,000
Prepare an income statement for the year. RUGEN COMPANY Income Statement For the Year Ended July 31, 2020 Revenues Service Revenue $ 57,200 Rent Revenue 6,500 Total Revenues $ 63,700 63.700 Expenses Salaries and Wages Expense $ $ 45.700 Utilities Expense 21,100 Depreciation Expense 4,000 Total Expenses 70.800 Net Income /(Loss) $ 7.100 Prepare a owner's equity statement for the year. (List items that increase retained earnings first.) RUGEN COMPANY Owner's Equity Statement For the Year Ended July 31, 2020 19 48.000 Less Net Income /(Loss) > < $
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These financial statement items are for Rugen Company at year-end, July 31, 2020.
Salaries and wag...
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