Using your answer to Problem 1-7B, prepare an income statement, a statement of changes in equity, and a balance sheet.
In problem 1-7
During 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.