1, What is the Net Income for the month of February 2, What is the ending balance in Retained Earnings at the end Feb The following transactions occurred during February Feb 1 Borrowed $12,000, signing a 6 year, 6 note payable 2 Sold 500 lb blue cheese, 300 lb gouda, 400 lb parmesan, and 200 lb limburger for $6,500 cash 4 Received an invoice for $300 from the local newspaper for an advertisement to appear in March 8 Sold 300 lb romano, 800 lb cheddar, and 1 ton of cottage cheese on account for $12,000 9 Purchased on account rennet, sodium chloride, salt (not iodized), thermophilic bacteria, and mesophilic bacteria for use in manufacturing cheese, $2,200 13 Received $6,200 from customers who previously purchased on account 16 Paid monthly rent ($1,200) to the owner of the manufacturing facility for March 18 Paid a cash dividend of $2,200 to shareholders 21 Paid trade vendors $3,500 of the balance due 28 Purchased equipment, paying $2,000 cash and signing a two year, 8 note for $4,000 28 Paid salaries, $4,200 Employees are paid once a month on the last day of the month Information for end of period adjusting entries a A physical count of inventory at month end indicated a balance of $2,100 b Depreciation on equipment, $850 c Interest accrued on notes payable (show calculation) 60 d Income tax expense, $2,500, payable in June e Recognized rent expense for the month of February Ricardo Cheese Company manufactures and sells various types of cheese to grocery chains Ricardos has its own cows and grows its own hay and grain to feed them T February, and the trial balance as of January 31,201X is as follows he company's fiscal year end is the last day of DebitsCredit s Account Title Cash Accounts receivable Required Analyze and record the transactions 1,000 3,000 2 Prepare the following financial statements (i) Income Statement (include eps), (ii) Balance Sheet, and (iii Statement of Cash Flows using both the Direct and Indirect method Format the statements nicel Prepaid assets 25,000 7,500 3,000 Accumulated depreciation Accounts payable Interest payable Income taxes payable 2 Paid in capital (1000 shares outstanding) Retained earnings 15,000 12,500 Cost of goods sold Depreciation expense Advertising expense 38,00038,000

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1, What is the Net Income for the month of February? 2, What is the ending balance in Retained Earnings at the end Feb? The

1, What is the Net Income for the month of February?

2, What is the ending balance in Retained Earnings at the end Feb?

The following transactions occurred during February:

Feb
1	Borrowed $12,000, signing a 6 year, 6% note payable.
2	Sold 500 lb blue cheese, 300 lb gouda, 400 lb parmesan, and 200 lb limburger for $6,500 cash.
4	Received an invoice for $300 from the local newspaper for an advertisement to appear in March.
8	Sold 300 lb romano, 800 lb cheddar, and 1 ton of cottage cheese on account for $12,000.
9	Purchased on account: rennet, sodium chloride, salt (not iodized), thermophilic bacteria, and mesophilic bacteria for use in manufacturing cheese, $2,200.
13	Received $6,200 from customers who previously purchased on account.
16	Paid monthly rent ($1,200) to the owner of the manufacturing facility for March.
18	Paid a cash dividend of $2,200 to shareholders.
21	Paid trade vendors $3,500 of the balance due.
28	Purchased equipment, paying $2,000 cash and signing a two year, 8% note for $4,000.
28	Paid salaries, $4,200. Employees are paid once a month on the last day of the month

Information for end-of-period adjusting entries:

a.	A physical count of inventory at month end indicated a balance of $2,100.
b.	Depreciation on equipment, $850.
c.	Interest accrued on notes payable (show calculation).	60
d.	Income tax expense, $2,500, payable in June.
e.	Recognized rent expense for the month of February.

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Ricardo Cheese Company manufactures and sells various types of cheese to grocery chains. Ricardos has its own cows and grows its own hay and grain to feed them. T February, and the trial balance as of January 31,201X is as follows: he company's fiscal year end is the last day of DebitsCredit:s Account Title Cash Accounts receivable Required: . Analyze and record the transactions. 1,000 3,000 2. Prepare the following financial statements: (i) Income Statement (include eps), (ii) Balance Sheet, and (iii Statement of Cash Flows using both the Direct and Indirect method. Format the statements nicel Prepaid assets 25,000 7,500 3,000 Accumulated depreciation Accounts payable Interest payable Income taxes payable 2 Paid-in capital (1000 shares outstanding) Retained earnings 15,000 12,500 Cost of goods sold Depreciation expense Advertising expense 38,00038,000