1.		On incorporation, the company had issued 8,600 common shares in exchange for $7,800 cash and office furniture and equipment worth $800.
2.		Additional equipment costing $3,100 was purchased for cash.
3.		Supplies costing $400 were purchased for cash.
4.		Inventory costing $3,900 was acquired on account. Later in the month, the company paid half of the amount owed. It will pay the remainder next month.
5.		The entire inventory was sold to customers for $6,200. The company received half of this amount in cash and will receive the remainder next month.
6.		By the end of the month, $300 of the supplies were used up.
7.		The equipment was depreciated $80 for the month.
8.		Operating expenses paid in cash during the month were $1,500.
9		Dividends of $200 were declared and paid during the month.

a. Calculate the following amounts for the month:

• i.Sales revenue
• ii.Cost of goods sold
• iii.Total expenses other than cost of goods sold
• iv.Net earnings or loss

b. Calculate the following amounts as at the end of the month:

• i.Cash on hand
• ii.Total assets other than cash
• iii.Total liabilities
• iv.Share capital
• v.Retained earnings