A company has the following financial position:

Assets:

Cash: $$15,000$

$$Van: $$20,000$

$$Total Assets: $$35,000$

Liabilities and Owners Equity:

Long$-$term note payable: $

$15,000$

$$J$.$Owner Capital: $$20,000$

$$Total L&OE: $$35,000$

Additional info:

a

$)$

$$invoices to customers totaled $

$20$

$,$

$000$

b

$)$

$$bought a

$3$

$$year insurance policy on February

$1$

$$for $

$2$

$,$

$160$

c

$)$

$$Paid cash to buy supplies costing $

$300$

$$and used

$2$

$/$

$3$

$$of them

d

$)$

$$bought items to sell to people. Haven't paid for them yet. Items cost $

$15$

$,$

$000$

e

$)$

$$sold items that cost us $

$12$

$,$

$000$

$$to customers

f

$)$

$$paid for

$75$

$\%$

$$of the items we bought to sell to customers

g

$)$

$$costs incurred this year:

depreciation on the van: $

$1$

$,$

$100$

utility bills paid: $

$1$

$,$

$200$

property tax bill was $

$900$

paid the lawyer $

$100$

h

$)$

$$John

$($

the owner

$)$

$$took $

$100$

$$from the cash register to buy his son a winter coat

i

$)$

$$paid

$6$

$\%$

$$interest and $

$500$

$$principal on the note

j

$)$

$$got

$85$

$\%$

$$of the money that customers owed us

k

$)$

$$hired a part

$-$

time worker and paid him $

$2$

$,$

$700$

$$this year

l

$)$

$$beginning to think every time we sell something there is a

$1$

$\%$

$$chance that the customer will never pay us

m

$)$

$$We had to count the items we haven't sold four times before it made any sense

Notes about the company:

Sole proprietorship

uses only full blown GAAP

first full year of operations

Requirements:

prepare an income statement, a statement of changes in owner's equity, a classified, comparitive statemnt of financial position, and a statement of cashflows using the indirect method