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John Clay organized Clay Company as a sole proprie

John Clay organized Clay Company as a sole proprietorship on January 1, 2010. At the end of January 2010, the following monthly financial data are available: Service Revenue $130,000 Other Expenses . 80,000 Wages Expense . 15,000 Cash 30,000 Accounts Receivable from Customers 15,000 Supplies . 42,000 Accounts Payable (to suppliers for merchandise purchased during the month) 26,000 J. Clay, Capital .. 26,000 John Clay made no withdrawals during January. Required: 1. Using formats from the chapter, prepare an income statement, statement of owner s equity, and balance sheet for the month of January, including appropriate headings. 2. Discuss whether Clay Company will be able to pay its liabilities.

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