After completing his electrical technology degree program, Jason Whitmer accepted a position as an electrician's assistant for a large electrical repair company. After working for three years. Jason earmed a master electrician's license and decided to open his own business. He had saved $10,000 account. His attorney advised him to set up the business as a corporation. He received 10,000 shares of common stock in exchange for his investment. On October 1, 2018, Jason purchased a used panel truck for $6,000 cash and some used tools for $1,200 cash. That same day, he signed a lease on a small shop building and paid S3,000 in advance for the first six months' rent. Also on October 1, 2018, he obtained an iPhone on a two-year contract, paying a S100 deposit, which he will get back at the end of the contract term. He also placed a small advertisement on Craigslist that day. Finally. Jason opened the doors of Whitmer Electronics, Ine, on October 1, 2018. After one month of operations, he hired he invested in the business, transferring the money from his personal savings which an assistant At the end of the year, prompted in part by concern about his income tax situation (corporations have to pay taxes as well as their employees) and partly by a $15,000 bank loan application gathers shop expansion, Jason realizes that he needs to prepare financial statements. He for the following information for the three months ended Decemnber 31, 2018: Bank account deposits for colllections from customers for Services billed to customers but not yet collected totaled $3,000. Checks written included: Jason's salary, $5,000; his assistant's salary. $3,500 (he still owes the assistant $500): payroll taxes, $575: supplies purchased, $9,500 (the count of supplies still on hand on December 31 is $1,000); fuel and maintenance on truck, S1.200; insurance, $700; utilitics including telephone, $825; and ad vertising, S600 (he still owes $100) According to the Internal Revenue Service, the estimated life of the truck is five years and the estimated life of the tools is three years. These assets have no estimated salvage value and you recommend that Jason use the straight-line method of depreciation Jason has put Whitmer Electronics's revenue and expenses for the quarter into a spreadsheet and calculated an estimated quarterly income tax payable of $1,680 services totaled $33,000. Requirements 1. Analyze the paragraphs above for evidence of business transactions. As you do so, prepare an Excel spreadsheet that includes every financial statement account involved (e.g..cash ccounts receivable, supplies, property & cquipment, etc.). (Hirt: To make sure you enter the transactions correctly and completely, number the transactions consecutively as you recognize them.) 2. From the spreadsheet you created in Requirement 1. prepare the single-step income statement of Whitmer Electronics, Inc.. using generally accepted accounting principles, for the three months ended December 31, 2018. After completing his electrical technology degree program, Jason Whitmer accepted a position as an electrician's assistant for a large electrical repair company. After working for three years. Jason earmed a master electrician's license and decided to open his own business. He had saved $10,000 account. His attorney advised him to set up the business as a corporation. He received 10,000 shares of common stock in exchange for his investment. On October 1, 2018, Jason purchased a used panel truck for $6,000 cash and some used tools for $1,200 cash. That same day, he signed a lease on a small shop building and paid S3,000 in advance for the first six months' rent. Also on October 1, 2018, he obtained an iPhone on a two-year contract, paying a S100 deposit, which he will get back at the end of the contract term. He also placed a small advertisement on Craigslist that day. Finally. Jason opened the doors of Whitmer Electronics, Ine, on October 1, 2018. After one month of operations, he hired he invested in the business, transferring the money from his personal savings which an assistant At the end of the year, prompted in part by concern about his income tax situation (corporations have to pay taxes as well as their employees) and partly by a $15,000 bank loan application gathers shop expansion, Jason realizes that he needs to prepare financial statements. He for the following information for the three months ended Decemnber 31, 2018: Bank account deposits for colllections from customers for Services billed to customers but not yet collected totaled $3,000. Checks written included: Jason's salary, $5,000; his assistant's salary. $3,500 (he still owes the assistant $500): payroll taxes, $575: supplies purchased, $9,500 (the count of supplies still on hand on December 31 is $1,000); fuel and maintenance on truck, S1.200; insurance, $700; utilitics including telephone, $825; and ad vertising, S600 (he still owes $100) According to the Internal Revenue Service, the estimated life of the truck is five years and the estimated life of the tools is three years. These assets have no estimated salvage value and you recommend that Jason use the straight-line method of depreciation Jason has put Whitmer Electronics's revenue and expenses for the quarter into a spreadsheet and calculated an estimated quarterly income tax payable of $1,680 services totaled $33,000. Requirements 1. Analyze the paragraphs above for evidence of business transactions. As you do so, prepare an Excel spreadsheet that includes every financial statement account involved (e.g..cash ccounts receivable, supplies, property & cquipment, etc.). (Hirt: To make sure you enter the transactions correctly and completely, number the transactions consecutively as you recognize them.) 2. From the spreadsheet you created in Requirement 1. prepare the single-step income statement of Whitmer Electronics, Inc.. using generally accepted accounting principles, for the three months ended December 31, 2018