1. After several years working for other composting companies, Liz Buehler decided to go out on her own and established the LB, Inc. Composting Company on January 1, 2017. The following transactions occurred during her first month of business. Feel free to set up your solution on an Excel spreadsheet and submit that spreadsheet with your completed exam.

(a) Liz Buehler set up her limited liability corporation by investing $80,000.

(b) The company borrowed $17,000 from the bank and signed a 12% notes payable due in 6 months.

(c) Purchased equipment for $38,000, paying $15,000 in cash and giving a note payable for the remainder.

(d) Paid $1,900 for rent for April.

(e) Purchased $1,000 of supplies on account.

(f) Recorded $9,700 of revenues earned on account.

(g) Received $8,100 in cash for revenues earned.

(h) Paid $1,400 to creditors on account.

(i) Received $4,600 in advance of services to be provided in March 2017.

(j) Paid wages of $3,575.

(k) Received $7,900 from customers on account.

(l) Recorded dividends of $2,875.

Additionally the following occurred:

At the end of the month a physical inventory showed $343 of unused supplies.

The interest expense for the month has not been recorded.

According to the manager 60% of fees paid in advance have been earned.

At the end of the month $5,700 of services had been performed but not yet billed.

Recognized depreciation expense of $106 for the month.

Based on this information answer the following questions at January 31, 2017. Be sure to show all of your work to receive full/partial credit.

Accounts receivable balance.

Total assets

Current liabilities

Total expenses

Net income

Retained earnings

Total liabilities

Shareholders equity