E4- 17

Basten Company Basten Company

Income Statement Balance Sheet
For the Year Ended July 31, 2017 July 31, 2017

Revenue ASSETS
Service Revenue $ 63,000 Current Assets
Rent Revenue 8,500 $ 71,500 Cash $ 14,200
Expenses Accounts Receivable 9,780
Depreciation Expense 4,000 Total Current Assets 23,980
Salaries and Wages Expense 48,700
Utilities Expense 22,600 75,300 Plant, Property, and Equuipment
Net Loss $ (3,800.00) Equipment $ 34,400
Accumulated Depreciation- Equipment 6,000 28,400
Total Assets $ 52,380
Basten Company
Owner's Equity Statement
LIABILITIES AND OWNER'S EQUITY
For the Year Ended July 31, 2017
Current Liabilities
Accounts Payable $ 4,100
Owner's Capital, August 1 $ 51,200
Salaries and Wages Payable 2,080
Less: Owner's Drawing $ 3,000
Total Current Liabilities 6,180
Net loss 3,800 6,800
Owner's Capital, July 31 $ 44,400
Noncurrent Liabilities
Notes Payable 1,800
Total Liabilities 7,980

Owner's Equity
Owner's Capital 44,400
Total Liabilities and Owner's Equity $ 52,380