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Question(s) / Instruction(s):

34. (Preparation of financial statements)
(This problem is based on the transactions for problem 33.)

Following is a trial balance for Ricardo Sanchez's Auto Repair as of January 31, 2009. Prepare an income statement and a statement of changes in owner's equity for the month ended January 31, 2009, and a balance sheet as at January 31, 2009.

Debits Credits Cash $7,400 Investments 10,000 Accounts receivable 23,000 Accrued interest receivable 25 Allowance for uncollectible accounts $2,100 Repair parts inventory 20,000 Prepaid rent 4,000 Equipment 65,000 Accumulated depreciation, equipment 25,500 Accounts payable 13,000 Salaries payable 1,200 R. Sanchez, Capital 80,000 Repair revenue 35,000 Parts expense 13,000 Salaries expense 9,200 Rent expense 4,000 Bad debts expense 700 Depreciation expense 500 Interest revenue 25 Totals $156,825 $156,825

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