Constructing Financial Statements from Transaction Data Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $50,000 for January sales. Its employees also earn January wages of $19,000 that are not paid until the first of February. Complete the following statements for the month-end of January.

Do not use negative signs with answers, unless to indicate a net loss.

Baiman Corporation
Income Statement
For the month ended January 31
Sales$Answer
Wages expenseAnswer
Net income (loss)$Answer
Baiman Corporation
Balance Sheet
January 31
Cash$Answer
Accounts receivableAnswer
Total assets$Answer
Wages payable$Answer
Retained earningsAnswer
Total liabilities and equity$Answer

consumer credit. an advantage is that it allows consumers to afford expensive goods and services now, increasing their standard of living. however, a disadvantage is that it creates a trap for debt, if people do not have self control, they may see themselves filing personal bankruptcy.

-the personal ownership of property

-the influence of consumer demand

explanation:

the command economy prohibits the personal ownership of property.

basically, command economy is defined as the system where a nation’s government is the one that makes all the decisions when it comes to its economy. the government is the one who controls the production of goods and services and regulates the prices and salaries.

therefore, since that the government is the authority, then all kinds of personal ownership of property is prohibited by them.