Chris's Bikes Here are a few entries from an established company that sells custom mountain bicycles. They sell very few but they are very high priced. Here is one month's of financial entries and your project is to produce a balance sheet, a cash flow statement, and an income statement based on this info. Since this is an established business you normally would need to reference previous financial statements and add/subtract these numbers from previous balances but on these papers we will only report what has happened this month except where the info is given. The purpose is to help you prepare the Chris's Aardvarks financial reports by giving you a very simple example to work on. Labor $800, Materials $1700, shipping costs of $25, sales commissions of $500. Each bike has the following direct costs: Assume all entries are cash unless told otherwise 1/1 Purchased $5,000 of raw materials 1/2 Purchased $10,000 of raw material on Accounts Payable due in 30 days, 2/10 Net 30 Paid payroll of $5,000 1/3 Seld two bikes for $5,000 each 1/4 Paid all utilities $1,000 1/4 Paid mortgage $2,000 1/5 Received payment (A/R) from Chris's Bikes for 3 bikes totaling $20,000 1/6 Sold bike for $8,000-will be paid in 30 days 2/10 Net 30 1/6 Paid FedEx $350 1/8 Owner's draw (salary) $2,000 1/9 Paid property taxes on my building $1000 1/10 $2,000 Paid for insurance on my business 1/11 Sold two bikes for $12,000 total 1/13 bought new machine to bend tubing for frames $10,000 1/14 Borrowed $50,000 from the bank for future expansion 1/15 (We had an extra $200 in labor and an extra $300 in materials) Sold a really fancy bike for $10,000 1/16 To be completed and shipped in 90 days $5,000. Received a deposit on a special order 1/20 Purchased $10,000 of raw material 1/21 Desktop make screen darker 12le/content/71959/Home Cart ch ts p a Week 5-ACCT 201 2 X bas e tol tath b Jedlook Solutio vic plain wly the allon Here are a few entries from an established company that sells custom mountain bicycles. They sell very few but they are very high priced. Here is one month's of financial entries and your project is to produce a balance sheet, a cash flow statement, and an income statement based on this info. Since this is an established business you nornally would need to reference previous financial statements and add/subtract these numbers from previous balances but on these papers we will only report what has happened this month except where the info is given. The purpose is to help you prepare the Chris's Aardvarks financial reports by giving you a very simple example to work on. Each bike has the following direct costs: Labor S800, Materials $1700, shipping costs of $25, sales commissions of $500. Assume all entries are cash unless told otherwise Purchased $5,000 of raw materials 1/1 1/2 Purchased $10,000 of raw material on Accounts Payable due in 30 days, 2/10 Net 30 Paid payroll of $5,000 1/3 Sold two bikes for $5,000 each 1/4 Paid all utilities $1,000 1/4 1/5 Paid mortgage $2,000 Received payment (A/R) from Chris's Bikes for 3 bikes totaling $20,000 1/6 1/6 Sold bike for $8,000-will be paid in 30 days 2/10 Net 30i Paid FedEx $350 1/8 Owner's draw (salary) $2,000 1/9 Paid property taxes on my building $1000 1/10 Paid for insurance on my business $2,000 1/11 1/13 Sold two bikes for $12,000 total bought new machine to bend tubing for frames $10,000 1/14 1/15 Borrowed $50,000 from the bank for future expansion Sold a really fancy bike for $10,000 (We had an extra $200 in labor and an extra $300 in materials) 1/16 To be completed and shipped in 90 days $5,000. Received a deposit on a special order 1/20 Purchased $10,000 of raw material 1/21 2/10 net 30 Sold 1 bike for $8,000 customer to pay in 30 days 1/25 Paid for raw materials received on Jan. 6 1/26 Received payment from sale of 1/6 1/28 dy Instructions Chris's Bikes Here are a few entries from an established company that sells custom mountain bicycles. They sell very few but they are very high priced. Here is one month's of financial entries and your project is fo produce a balance sheet, a cash flow statement, and an income statement based on this info. Since this is an established business you normally would need to reference previous financial statements and add/subtract these numbers from previous balances but on these papers we will only report what has happened this month except where the info is given. The purpose is to help you prepare the Chris's Aardvarks financial reports by giving you a very simple example to work on. Each bike has the following direct costs: Labor $800, Materials $1700, shipping costs of $25, sales commissions of $500. Assume all entries.are.cash.unless told.otherwise 1/1 Purchased $5,000 of raw materials Purchased $10,000 of raw material on Accounts Payable due in 30 days, 2/10 1/2 Net 30 Paid payroll of $5,000 1/3 Sold two bikes for $5,000 each 1/4 Paid all utilities $1,000 1/4 Paid mortgage $2,000 1/5 Received payment (A/R) from Chris's Bikes for 3 bikes totaling $20,000 1/6 Sold bike for $8,000- will be paid in 30 days 2/10 Net 30 1/6 Paid FedEx $350 1/8 Owner's draw (salary) $2,000 1/9 Paid property taxes on my building $1 000 1/10 Paid for insurance on my business $2,000 1/11 Sold two bikes for $12,000 total 1/13 $10,000 bought new machine to bend tubing for frames 1/14 11/30/19 Pa https/upperiowa brightspace.com/d2/le/content/71959/viewContent/B67265/View A Perfe NOT DONE DID NOT GO Right click Change visit missed visit. Visit Documen. Type of Service: Enter current time end, visit start, visit Click on Case Commi C Missed Visit Smar pte to attending MD mbers as needed. encounter, Finish an Borrowed $50,000 from the bank for future expansion 1/15 Sold a really fancy bike for $10,000 (We had an extra $200 in labor and an 1/16 extra $300 in materals) Received a deposit on a special order $5,000. To be completed and shipped 1/20 in 90 days Purchased $10,000 of raw material 1/21 Sold 1 bike for $8,000 customer to pay in 30 days 2/10 net 30 1/25 Paid for raw materials received on Jan. 6 1/26 Received payment from sale of 1/6 1/28 Complete journal entries and trail balance Assignment www