Can you please answer this question as fast as possible need it for my assignment Happy ReLeaf Ltd Exhibit C Additional Information The following list is a summary of activities for HRLs Quarter Ended January 31, 2020 In store sales for the quarter ending January 31, 2020 (Q1) total $195,576 Customers who require products for medicinal purposes are pre approved and can buy on account During Q1, 2 of the total in store sales are on account Online sales for Q1 were an additional $29,336 All online sales were paid in full online and received the 3 discount The cost of goods sold is for all sales is 55 of the selling price Sales returns for Q1 amounted to $3,320 and were on cash sales only The company purchased inventory in Q1 for $135,000 HRL paid $100,000 cash and the remainder on account HRL conducted a physical inventory count on January 31, 2020 There was $215,759 of inventory on hand on that date An online marketing campaign for Q1 has ended The company paid for this campaign in September, 2019 and the $4,000 related to this campaign is part of the prepaid expense balance the October 31, 2019 statement of financial position HRL received a bill on January 22, 2020, for $3,500 in legal services performed in Q1 They will pay the bill in February, 2020 On January 1, 2020, the company borrowed $20,000 cash from the bank at 5 for a 5 year term Interest is paid on the first day of each month beginning February 1 and the principal is due at the end of the 5 year term HRL will use these funds to improve the retail stores appearance The company used the loan obtained in Item 9 to purchase a new refrigerator for the new edible inventory products The refrigerator cost $15,000 and was delivered to HRLs location on January 1, 2020 and immediately placed into use The refrigerator is estimated to last 3 years and has no residual value The company uses the straight line method to depreciation their equipment 6 Management fees General and administrative Salaries Equipment rental Supplies 13 The current portion of HRLs Note Payable is $7,700 $ 13,850 $ 11,155 $ 9,260 $ 1,778 $ 1,200 Happy ReLeaf Ltd Depreciation expense on HRLs existing property and equipment is $2,000 for Q1 William, the controller, provided his spreadsheet summarizing all cash payments made in Q1 Online sales totaling $12,000 still require age verification The company records these online orders as sales for the quarter These sales are already included in the sales described in point 2 above HRL has an income tax rate of 35 The company will make its first quarterly payment at the end of February 2020 based on their Q1 income before income tax

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Can you please answer this question as fast as possible need it for my assignment? Happy ReLeaf Ltd Exhibit C: Additional Information The following list

Can you please answer this question as fast as possible need it for my assignment?

Happy ReLeaf Ltd

Exhibit C: Additional Information The following list is a summary of activities for HRLs Quarter Ended January 31, 2020:

In-store sales for the quarter ending January 31, 2020 (Q1) total $195,576. Customers who require products for medicinal purposes are pre-approved and can buy on account. During Q1, 2% of the total in-store sales are on account.
Online sales for Q1 were an additional $29,336. All online sales were paid in full online and received the 3% discount.
The cost of goods sold is for all sales is 55% of the selling price.
Sales returns for Q1 amounted to $3,320 and were on cash sales only.
The company purchased inventory in Q1 for $135,000. HRL paid $100,000 cash and the remainder on account.
HRL conducted a physical inventory count on January 31, 2020. There was $215,759 of inventory on hand on that date.
An online marketing campaign for Q1 has ended. The company paid for this campaign in September, 2019 and the $4,000 related to this campaign is part of the prepaid expense balance the October 31, 2019 statement of financial position.
HRL received a bill on January 22, 2020, for $3,500 in legal services performed in Q1. They will pay the bill in February, 2020.
On January 1, 2020, the company borrowed $20,000 cash from the bank at 5% for a 5-year term. Interest is paid on the first day of each month beginning February 1 and the principal is due at the end of the 5-year term. HRL will use these funds to improve the retail stores appearance.
The company used the loan obtained in Item 9 to purchase a new refrigerator for the new edible inventory products. The refrigerator cost $15,000 and was delivered to HRLs location on January 1, 2020 and immediately placed into use. The refrigerator is estimated to last 3 years and has no residual value. The company uses the straight-line method to depreciation their equipment.

Management fees General and administrative Salaries Equipment rental Supplies

13. The current portion of HRLs Note Payable is $7,700.

$ 13,850 $ 11,155 $ 9,260 $ 1,778 $ 1,200

Happy ReLeaf Ltd

Depreciation expense on HRLs existing property and equipment is $2,000 for Q1.
William, the controller, provided his spreadsheet summarizing all cash payments made in Q1:

Online sales totaling $12,000 still require age verification. The company records these online orders as sales for the quarter. These sales are already included in the sales described in point #2 above.
HRL has an income tax rate of 35%. The company will make its first quarterly payment at the end of February 2020 based on their Q1 income before income tax.