9:23 Assignment 1.pdf Snce 2004, Mary Ame Spier has been despe ng of MAS ine Upad ncipes at May 31, 2018, as tolows Customer recosds showed unoolected sales of S3UB031208 MAS goods were on hand at anuary 1208 acosued interst Open With Print 9:23 LTE Assignment 1.pdf goods were on hand at January 1, 2018 6. The note evidencing the 3-year bank loan is dated January 1, 2018, and states a simple interest rate of 10%. The loan requires quarterly payments on April 1. July 1, October 1, and January 1 consisting of equal principal payments plus accrued interest since the last payment 7. Mary Anne Spier receives a salary of $900 on the last day of each month. Her two part-time employees have been paid through May 25, 2018, and were due an additional $240 on May 31, 2018 8. Fumiture and fixtures costing $3,000 were purchased on January 2. 2018, and have an estimated useful Iife of 5 years and a salvage value of $600. These are the only fxed assets currently used in the business Straight-ine depreciation is to be used for book purposes. 9. Rent was paid for 9 months in advance on January 2. 2018 10. A one-year insurance policy was purchased on January 2, 2018 11, MAS Inc. is subject to an incom e tax rate of 25%. 12. Payments and collections pertaining to the unincorporated business through December 31, 2017, were not included in the records of the corporation, and no cash was transferred from the unincorporated business to the corporation Instructions: 50 points Using the accrual basis of accounting prepare for MAS Iinc an Excel spreadsheet that (1) A multiple-step income statement for the 5 months ended May 31, 2018. (For the sake of simplicity, in calculating COGS, you need only include the cost of materials and finished goods inventory, do not attempt to include labor and overhead costs) (2) A dassified balance sheet as of May 31, 2018 For maximum credit, please provide any supporting calculations for the amounts presented n the financial statements. Open With Print 9:23 Assignment 1.pdf Snce 2004, Mary Ame Spier has been despe ng of MAS ine Upad ncipes at May 31, 2018, as tolows Customer recosds showed unoolected sales of S3UB031208 MAS goods were on hand at anuary 1208 acosued interst Open With Print 9:23 LTE Assignment 1.pdf goods were on hand at January 1, 2018 6. The note evidencing the 3-year bank loan is dated January 1, 2018, and states a simple interest rate of 10%. The loan requires quarterly payments on April 1. July 1, October 1, and January 1 consisting of equal principal payments plus accrued interest since the last payment 7. Mary Anne Spier receives a salary of $900 on the last day of each month. Her two part-time employees have been paid through May 25, 2018, and were due an additional $240 on May 31, 2018 8. Fumiture and fixtures costing $3,000 were purchased on January 2. 2018, and have an estimated useful Iife of 5 years and a salvage value of $600. These are the only fxed assets currently used in the business Straight-ine depreciation is to be used for book purposes. 9. Rent was paid for 9 months in advance on January 2. 2018 10. A one-year insurance policy was purchased on January 2, 2018 11, MAS Inc. is subject to an incom e tax rate of 25%. 12. Payments and collections pertaining to the unincorporated business through December 31, 2017, were not included in the records of the corporation, and no cash was transferred from the unincorporated business to the corporation Instructions: 50 points Using the accrual basis of accounting prepare for MAS Iinc an Excel spreadsheet that (1) A multiple-step income statement for the 5 months ended May 31, 2018. (For the sake of simplicity, in calculating COGS, you need only include the cost of materials and finished goods inventory, do not attempt to include labor and overhead costs) (2) A dassified balance sheet as of May 31, 2018 For maximum credit, please provide any supporting calculations for the amounts presented n the financial statements. Open With Print