Assume the following: Infinity Engineering Company had the following transactions: Jan-01 Issued capital stock for $975,000. Jan-01 Purchased a Packaging Equipment for $21,000 Jan-03 Purchased a Machine, paying $9,000 in cash and issuing a note of $20,500. Purchased $26,000 of inventory on account. Sold inventory costing $4,500 for $55,000 on account. Paid $1,300 for inventory purchased on account (from Jan-05). Collect $15,650 of accounts receivable from customers (from Jan-07). Paid utility bills totaling $3,000. Paid wages for $11,000. Collect $3,500 in bank interest. Paid $12,570 due to income taxes. Jan-05 Jan-07 Jan-11 Jan-15 Jan-17 Jan-23 Jan-25 Jan-30 Required: D. Prepare Income Statement. E. Prepare Retained Earnings Statement. F. Prepare Balance Sheet. G. Prepare a Cash Flow Statement Parts D, E, F & G Value: 23 of 100 points

SOLO LETRA D E F G

Assume the following: Infinity Engineering Company had the following transactions: Jan-01 Issued capital stock for $975,000. Jan-01 Purchased a Packaging Equipment for $21,000 Jan-03 Purchased a Machine, paying $9,000 in cash and issuing a note of $20,500. Jan-05 Purchased $26,000 of inventory on account. Jan-07 Sold inventory costing $4,500 for $55,000 on account. Jan-11 Paid $1,300 for inventory purchased on account (from Jan-05). Jan-15 Collect $15,650 of accounts receivable from customers (from Jan-07). Jan-17 Paid utility bills totaling $3,000. Jan-23 Paid wages for $11,000. Jan-25 Collect $3,500 in bank interest. Jan-30 Paid $12,570 due to income taxes. Required: A. Record the above transactions in General Journal (Journal Entries). B. Record the transactions in General Ledger format (T-Accounts). C. Prepare a Trial Balance for Techno Engineering Company. Parts A, B, \& C Value: 12 of 100 points D. Prepare Income Statement. E. Prepare Retained Earnings Statement. F. Prepare Balance Sheet. G. Prepare a Cash Flow Statement Parts D, E, F \& G Value: 23 of 100 points