Company named ABC Limited on January 1, 2017 and have operated the business for the one-month period ending January 31, 2017. Use the straight-line method for all non-current assets.

The transactions for the month are as follows:

Date Transaction Amount

Jan 1 Issued common shares 400,000

Jan 1 Received a bank loan - no principal payments are due for 2 years 240,000

Jan 1 Paid three months' rent in advance (January, February, March) 45,000

Jan 1 Paid a twelve month insurance policy in advance 6,000

Jan 1 Bought a vehicle with cash 60,000

Jan 1 Bought computers on credit 12,000

Jan 4 Performed a consulting service for customer #1 on credit 55,000

Jan 7 Collected half of the amount owed from customer #1

Jan 10 Paid cash for supplies 2,000

Jan 17 Received a deposit from customer #2 40,000

Jan 18 Paid for 25% of the computers outstanding balance

Jan 27 Work for customer #2 complete but the total customer bill was... 48,000

Jan 29 Declared a dividend (to be paid in March 2017) 2,000

Jan 29 Received a deposit from customer #3 10,000

Jan 30 Paid wages for the month 15,000

Jan 31 The January utility bill has not been received but it is estimated to be... 5,000

Jan 31 Half of the supplies are on hand

Jan 31 Interest on the loan is 5% but no interest or principal payments have been made

Jan 31 The computers have a four year life with no residual value

Jan 31 The vehicle has an eight year life with no residual value

Jan 31 Income taxes are not yet paid and the tax rate is 25%

There are more journal entries required than transactions listed above

Required:

1. Complete the synoptic and print out using landscape format with gridlines.

2. Prepare the following:

- A properly formatted multi-step income statement (for the month of January 2017)

- A properly formatted balance sheet (as at January 31, 2017)