Brooklyn Bakery, a cake and pastry shop, opened in March 2014. The company did not record any transactions since its opening, but carefully kept track of all its cash receipts and cash payments. The following information is available at the end of its first year of operation, February 28, 2015.

Cash Receipts and Cash Payments (Rs. in thousands)

Cash Receipts	Cash Payments
Issue of Common Shares	60,000
Sales of cakes and pastries	210,000
Purchase of baking equipment	75,000
Rent	18,000
Insurance	5,000
Advertising	10,000
Utility bills	8,000
Salaries	65,000
Telephone	4,500
Income tax	30,000
Total	270,000

Additional Information:

1. At the end of February, customers owe Brooklyn Bakery Rs. 8,000 for cakes they have received but not yet paid for.
2. The baking equipment was purchased at the beginning of March and has an estimated useful life of ten years.
3. On March 1, the company began renting space at a cost of Rs. 2,000 per month on a one-year lease. As required by the lease contract, the company paid the last month's (March 2015) rent in advance.
4. The insurance policy was purchased on March 1 and is effective for one year.
5. At February 28, Rs. 8,000 is owed for unpaid salaries.
6. At February 28, an additional Rs. 7,500 is owed for income taxes.

Required:

In good format, and making whatever assumptions you feel appropriate:

a. Calculate the cash balance at February 28, 2015. b. Prepare an accrual-based Income Statement, and Statement of Financial Position (Balance Sheet) for the year ended February 28, 2015.