Exercise 4-17 (Part Level Submission) These financial statement items are for Ba

Question

Exercise 4-17 (Part Level Submission) These financial statement items are for Basten Company at year-end, July 31, 2017. Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable Service revenue $2,000 51,500 Cash 22,600 Accounts receivable Notes payable (long-term) $2,100 .13,300 9,200 30,200 Accumulated depreciation-equipment 6,500 4,300 3,900 50,200 4,800 Owner's drawings 60,700 Depreciation expense 9700 owner's Capital (beginning of the Rent revenue ear

Explanation / Answer

Solution:

BASTEN COMPANY

Income statement for he year ended 31, july,2017

Titles and details Amount ($) Amount ($) Revenue: Service revenue $60,700 Rent revenue $8,700 Tital revenue $69,400 Expenses: Utilities expenses $22,600 Salaries and wage expenses $51,500 Depreciation expenses $3,900 Total expenses ($78,000) Net income (loss) ($8,600)

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