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-- Ar er Question 4 (20 marks) During January 2020, Orgonite Wellness Clinic completed the following transactions: 7 Hea Jan 1 Orgonite received $50,000 cash

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-- Ar er Question 4 (20 marks) During January 2020, Orgonite Wellness Clinic completed the following transactions: 7 Hea Jan 1 Orgonite received $50,000 cash and issued common shares to shareholders 4 Purchased supplies, $5,000, and equipment, $2,500 on account 5 Performed checkup services, and received cash, $2,500 7 Paid cash to acquire land for an office site, $25,000 11 Performed a therapy session, and billed the customer $2500 16 Paid for the equipment, purchased Oct 4 on account 17 Paid the telephone bill, $150 18 Received partial payment from client on account, $2000 22 Paid the water and electricity bills, $500 29 Received $5,000 cash for conducting a workshop on "Healthy Living" 31 Paid employee salary, $4,000 31 Declared and paid dividends of $4,500 Requirements: Record each transaction in the journal. Key each transaction by date. Prepare the trial balance of Orgonite, at Jan 31, 2020. Envoi was formed on January 1, 2016, when Envoi issued common shares for $500,000. Early in January 2016, Envoi made the following cash payments: a. $250,000 for equipment b. $200,000 for inventory (four cars at $50,000 each) C. $10,000 for 2016 rent on a store building In February 2016, Envoi purchased six cars for inventory on account. Cost of this inventory was $260,000 ($43,333.33 each). Before year-end, Envoi paid $208,000 of this debt. Envoi uses the FIFO method to account for inventory. During 2016, Envoi sold eight vintage autos for a total of $600,000. Before year-end, Envoi collected 80% of this amount. The business employs three people. The combined annual payroll is $55,000, of which Envoi owes $4,000 at year end. At the end of the year, Envoi paid income tax of $10,000. Late in 2016, Envoi declared and paid cash dividends of $11,000. For equipment, Envoi uses the straight-line depreciation method over five years with zero residual value. Requirements 1. Prepare Envoi's income statement for the year ended December 31, 2016. Use the single- step format, with all revenues listed together and all expenses listed together

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