Apply HST taxes on all the transactions (Sales and purchase). Use FIFO method of COGS calculation

a) On Jan1st, Mat put $55000 cash into a checking account for his new clothing and tailoring business.

b) On Jan2, he paid $1300 cash to rent a space in the mall

c) On Jan3, Mat bought furniture in the shop for $2500 on terms 5/10, n30

d) Jan 5, He bought 600 shirts at $10 each on terms 3/10, n30

e) Jan7, He sold 500 shirts at $15 each on account 4/5,n15

f) Jan7, he paid cash $3000 in salaries to his staff

g) Jan 8, Mat purchased 700 shirts at $12.5 each on cash

h) Jan 10, Mat sold 600 shirts at C$20 each for cash

i) Jan 11, he bought a truck for business use for $9000 on terms 5/5, n15

j) Jan 11, He made the payment for Jan 03rd purchase

k) Jan 11, He paid in full for the purchase made on Jan 05th

l) Jan 12, He received cash in full for the sale made on Jan 7th

m) Jan 20, he paid $600 for next 6 months of grass cutting.

n) Jan 21, he withdrew $2000 for his personal use.

o) Jan 22 He received $4000 from BAY Inc, for product he will provide next month (unearned revenue)

Following is additional information provided for the month just ended

p) Depreciation of $50 per month is calculated on the furniture

q) Grass cutting expenses for the month of January needed to be calculated

r) Provided services for Bay Inc, worth $2000 for the advance payment made earlier

Required:

Prepare a trial balance

Prepare Income statement

Prepare statement of Owners Equity

Prepare balance sheet

Calculate GP margin

Calculate asset/liability ratio

Calculate ROI

Calculate current ratio

Give your recommendation to this company if you are a consultant advising a group of shareholders.