Using your answer to Problem 1 7B prepare an income

statement #4257
Using your answer to Problem 1-7B, prepare an income statement, a statement of changes in
equity, and a balance sheet.In problem 1-7During July, the following occurred:July 1 Cantu
invested $20,000 cash in the business.1 Rented office space and paid the month's rent of
$1,000.1 Purchased excavating equipment for $8,000 by paying $3,000 in cash and agreeing to
pay the balance in 30 days.6 Purchased office supplies by paying $1,000 cash.8 Completed
work for a customer and immediately collected $4,400 for doing the work.10 Purchased $7,600
of office equipment on credit.15 Completed work for a customer on credit in the amount of
$4,800.17 Purchased $3,840 of office supplies on credit.23 Paid for the office equipment
purchased on July 10.25 Billed a customer $10,000 for completed work; the balance is due in
30 days.28 Received $4,800 for the work completed on July 15.31 Paid an assistant's salary of
$4,500.31 Paid the monthly utility bills of $1,700.31 Cantu withdrew $2,400 cash from the
business to pay personal expenses.Analysis Component: Assets are financed by debt and
equity. Owner investment is a component of equity. Therefore, owner investment helps to
finance assets. Explain how/if owner investment helped to finance assets for Cantu Excavating
for the month ended July 31, 2014.View Solution:
Using your answer to Problem 1 7B prepare an income statement

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