1.)prepare an Income Statement, Statement of Equity and a Balance Sheet as of January 31, 2020

o 2 3 4 6 7 8 9 10 11 12 13 14 IS 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Balance Sheet for end of 2019 Assets Cash Accounts Receivable (net of allowance of 7200) Inventory Prepaid Insurance Supplies Total Current Assets Property, Plant and Equipment, Net Land Total Assets Liabilities Accounts Payable Unearned Revenue Interest Payable Salaries Payable Total Current Liabilities Long Term Debt Total Liabilities Capital Stock Retained Earnings Total Liabilities and Stockholders Equ c 237,884 45,500 363,859 177,500 32,000 573,359 94,552 2,100 148,452 246, 100 394,552 100,000 78,807 573,359 D (1000 units at $45.50 each) Transactions for January of 2020 1/3/2020 Paid interest payable plus $4,000 toward long term debt 1/2/2020 Paid salaries payabl 1/3/2020 Purchased inventory (500 units at $46) on credit 1/4/2020 Paid shipping on inventory of $250 1/6/2020 Purchased supplies on credit for $700 1/9/2020 Received $3,000 from customers for products to deliver in March 1/10/2020 Sold 600 units on credit with a sales price of $105 (assume perpetual LIFO) 1/15/2020 Purchased inventory on account (700 units at $47) 1/20/2020 Paid $41,600 on accounts payable 1/21/2020Collected $121,350 in cash from customers in payment for earlier sales 1/22/2020 Wrote off accounts receivable for $815 1/25/2020Sold 200 units on credit with a sales price of $105 (still perpetual LIFO) 1/26/2020 Paid wages to employees for work done in January $31,000 1/26/2020 Received utility bill for $7,200 for utilities used in January that will be paid in February 1/31/2020 Delivered 100 units of product to customers that they paid 10,000 for in 2019 (unearned revenue) 1/31/2020Counted supplies and found $1,240 remaining 1/31/2020 Employees worked and earned $4,700 in January that will not be paid until February 1/31/2020 Interest at 12% per year on the long term debt (new balance) has not been paid 1/31/2020The prepaid insurance will last 4 months into 2020 before a new policy will be required 1/31/2020The allowance for bad debts is estimated at 4% of total accounts receivable 1/31/2020 A count of inventory showed that 50 units were damaged such that they are worthless and will be thrown away