Cash Basis

Prepare GHI's Income Statement from the data above. $($Cash Method$)$

Prepare a Statement of Retained Earnings from the data above. $($Cash Method$)$

Prepare a Balance Sheet for GHI Co$.$ from the above data. $($Cash Method$)$

GHI Co$.$ had the following transactions during the month:

a$.$ shareholder deposits $$50,000$ into GHI Co$.\text{'}$s bank account in exchange for common stock

b$.$ GHI Co$.$ received $$5,000$ from customers for sales; services have been provided

c$.$ GHI Co$.$ received $$2,500$ from customers for sales; services have not been provided

d$.$ GHI Co$.$ paid monthly expenses; $$2,000$ for rent and $$1,000$ for wages

e$.$ GHI Co$.$ paid dividends of $$500$

f$.$ GHI Co$.$ had sales to customers on account $($credt$)$ $$5,000$; no cash was paid and customers will be billed

g$.$ customers from transaction $($f$)$ received their bill and paid GHI $$1,000$