1-Jan NOVA Services was incorporated in the state of VA. The company will provide management consulting services to business and governmental clients. 2-Jan Tom M. contributed $275,000 of personal funds to the business in exchange for shares of common stock 3.Jan NOVAServices signed a contract to provide consulting services for $100,000 to ABC elient. 4-Ian NOVA Services received $100,000 from ABC for work to be performed half in January and half in February. 5-Jan NOVA Services bought $600 of office supplies on account 6-Jan NONA Services bought $50,000 of office equipment using cash 7.J an NOVA Services hired 2 consultants 8-Jan NOVA Services purchased a 12 month insurance contract for $12,000 9-Jan NOVA Services paid $1750 cash for rental of office space for January 10-Jan NOVA Services paid $910 on account for advertising during January. 11-Jan NOVA Services was paid $10,750 from Fed Corp to perform services during January 12-1an NOVA Services purchased $450 of supplies using cash NOVA Services signed a contract to provide consulting services for $54,000 to DMV client. Services to be provided equally over the next 12 months starting in the 13-Jan month of January. Client will be billed at end of each month. 14-Jan NOVA Services pays employees $3,000 in salaries 15-Jan NOVA Services borrowed $450,000 on a 5$ note payable. 16.Jan NOVAServices purchased tand for $300,000 cash with plans to bulld an office building within the next year. 17.Jan NOVA Services paid $2000 cash for repairs and maintenace to equipment 20-Jan NOVA Services loans $24,000 to G Corp on a 10K (interest) note roceivable 21-Jan NOVA Services pays employees $3,000 in salaries 22.J Nan NOVA Services gets paid $12,850 for services performed to Vector Corp 23. a. NOVA Services purchases $150,000 in stock investments 24-Jan NOVA Servicesgets a $5375 bill for utilities used in January 25 Jan NOVA Services pays $1750 in office rent for month of February 26-Jan NOVA Services pays $70,000 in dividends 27. Jan NOVA Services pays $400 cash to attend an event to promote business at a convention in January 28 Jan NOVA Services pays $490 cash for taxes 29.Jan NOVA Services pays employees $3,000 in salaries 30-jan NOVA Services paid for $500 office supplies previously purchased on account. 31-dan NOVA Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. Hanuary Month End Adjustments 31-1an NOVA Services calculated $550 in depreciation 31-Jan NOVA Services owes january interest on the loan 31- Jan NOVA Services counted $500 in remaining supplies (on hand supplies) 31-Jan Nova Services owes employees $1,500 in salaries for work performed in danuary Are there any other accounts that need adjusting?!! 1 How do you feel this company performed in its first month? Support your reasons. 2 Provide 3 financial statement ratios based on the information provided in the financial statements to support your conclusion in part 1. You can 3 Provide 4 recommendations for the owner to ensure the business becomes more profitable and an eventual success? 4 Provide 2 areas the company should be cautious of moving forward - in other words, what could derail the company from meeting its objectives