Question

Constructing Financial Statements from Transaction Data
Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $50,000 for January sales. Its employees also earn January wages of $19,000 that are not paid until the first of February. Complete the following statements for the month-end of January.

Do not use negative signs with answers, unless to indicate a net loss.

Baiman Corporation
Income Statement
For the month ended January 31
Sales	$Answer
Wages expense	Answer
Net income (loss)	$Answer

Baiman Corporation
Balance Sheet
January 31
Cash	$Answer
Accounts receivable	Answer
Total assets	$Answer
Wages payable	$Answer
Retained earnings	Answer
Total liabilities and equity	$Answer

Answer 1

Income statement :

For the month ended january 31

Sales	50000
Wages expense	19000
Net income (loss)	31000

Balance sheet

January 31

Cash	0
Account receivable	50000
Total assets	50000
Wages payable	19000
Retained earnings	31000
Total liabilities and equity	50000