Problem:
On August 1, 2014, S Khan invested $90,000 in her new company, Khan Company. During August, he made $10,000 of withdrawals from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:
Accounts payable $ 9,000
Accounts receivable 26,000
Cash 5,400
Construction revenue 80,000
Prepaid insurance 2,000
Land 75,000
Miscellaneous expense 1,400
Insurance expense 2,000
Rent expense 7,000
Salary expense 46,000
Supplies 900
Supplies expense 300
Utilities expense 3,000
Prepare each of the following for Khan Company:
A) an income statement for August
B) a statement of owner's equity for August
C) a balance sheet as of August 31