1. New company start up; Owners invest $100,000 to buy shares from company. 2. Company buys factory equipment for $20,000; Payment terms are net 30 days; Asset life = 5 years and will be depreciated in the future using straight line depreciation. 3. Company buys inventory for $100,000; Payment terms -50% @ purchase; 50% net 30 days. 4. Company borrows $50,000 from bank due in 5 years. 5. Company generates sales of $25,000 with a product cost of $40,000; Customer payment terms are net 30 days. 6. Company records warranty expense of $5,000 to establish a warranty reserve for potential future claims related to product sold this month. 7. Company pays supplier for factory equipment purchased last month (ref. item 2 above) 8. All customers pay company for sales generated last month (ref. item 5 above) 9. Company pays suppliers for inventory purchased last month (ref. item 3 above) 10. Company generates sales of $15,000 with a product cost of $10,000; Customer payment terms are net 30 days. 11. Company records warranty expense of $2,000 to establish a warranty reserve for potential future claims related to product sold this month. 12. Company records a bad debt receivables reserve of $2,000 for potential uncollectible receivables 13. Company records first month of depreciation expense for factory equipment purchased last month (ref. item 2 above). Round to the nearest whole $ amount. 14. Company buys inventory for $15,000; Payment terms net 30 days. Note: A T-account table is provided in Blackboard for you to use to assist you in calculating the answers to this assignment. After working through the T-accounts, the net balances for each of the Balance Sheet accounts listed below must be populated/answered i the areas noted below: Cash Net Receivables Inventory Fixed Assets Total Assets Accounts Payable Other Accrued Liabilities Debt Stockholders' Equity Total Liabilities Stockholders' Equity