Complete the following

$1)$income statement

$2)$statement of retained earnings

$3)$balance sheet

Sophie's Sensational Syrups, a sole proprietorship that makes specialty mocktails with fancy organic syrups, has hired you as an accountant to record journal entries and prepare the financial statements for the first month of business ended April $30,2024.$ For now, the business is operated out of a recently purchased food truck converted to disburse chilled beverages. Sophie predominately caters to private events where there is a guaranteed large crowd of customers. The business, to date, has been funded by a small group of friends, as well as a sizeable bank loan. Sophie headquarters her small business in Federal Way, Washington, a suburb south of Seattle. If profitable at the end of the first month, Sophie has indicated they would like to provide a small dividend back to each of the investors.

During April $2024$ the following activities occurred:

$4/1/2024$ Sophie borrowed $$88,000$ with $7\%$ interest from HomeStreet Bank to start her business.

$4/1/2024$ Sophie contacted $4$ friends and each contributed $$24,000$ to her business $($$$96,000$ total$).$

$4/2/2024$ Sophie purchased a food truck, including a cash register, retrofitted for her specific business costing $$75,000.$ Sophie paid all in cash. She wants to classify the long$-$term asset as Equipment in her books.

$4/2/2024$ $$1,800$ was paid in advance for $1$ year of business insurance.

$4/3/2024$ Purchased business supplies $($i$.$e$.,$ paper, pens, etc.$)$ costing $$500$ from Target, paying $$100$ cash and putting the rest on account.

$4/4/2024$ Paid $$190$ for a newspaper advertisement that was also printed on $4/4.$

$4/5/2024$ In preparation for all upcoming events, Sophie purchased $$16,000$ of inventory $($food$,$ promotional cups with logo$,$ etc.$).$

$4/9/2024$ Sophie's first event was for Seattle University. She earned $$2,500$ all from cash sales. $$1,100$ of inventory was used. When Sophie counted the cash at the end of the day only $$2,490$ was in the register.

$4/9/2024$ One of Sophie's employees noticed that a cooler was left open during the night and $$475$ of inventory was spoiled $($i$.$e$.,$ obsolete$).$

$4/10/2024$ Paid cash for half of office supplies purchased on credit earlier in the month.

$4/11/2024$ Sophie's second event was for a community charity event in which she did not charge for any of her drinks. Sales would have been $$2,000.$ $$700$ of inventory was still used for the cause.

$4/12/2024$ Sophie worked an event for the Seattle Mariners for $$8,000$ with a promise to pay and terms of $2/10,$ n$/30.$ COGS totaled $$3,000.$

$4/13/2024$ Sophie contracted with the Chieftain and sold $$1,100$ of drinks costing $$500.$ The Chieftain didn't pay that night, but agreed to terms with Sophie of $2/10,$ n$/30$ before closing up$.$

$4/14/2024$ Purchased additional inventory for $$4,000$ on account.

$4/15/2024$ Sophie's employee sold $2$ gift cards for $$150$ each. No beverages were sold at this time.

$4/16/2024$ Returned $$300$ of groceries from the $4/14$ transaction. Sophie accidentally bought bananas not plantains $($and the store accepted the return b$/$c of the simple mistake$).$

$4/17/2024$ Sophie and her employee canvased Gasworks Park and sold $$400$ worth of promotional cups $($inventory$)$ with Sophie's logo on them for $$500$ all on account. No sales discounts were offered but all customers promised to pay by $5/15/24.$

$4/18/2024$ A couple of customers from $4/17/24$ returned $$40$ worth of cups. Sophie accepted the return and waived the $$50$ owed.

$4/21/2024$ The Mariners paid for the event that occurred earlier in the month.

$4/24/2024$ The Chieftain paid Sophie for the event that occurred earlier in the month.

$4/27/2024$ Amazon paid Sophie $$10,000$ in advance for mocktails to be made for an event at the Spheres on $5/7/24.$

$4/28/2024$ Sophie purchased a $$1,500$ credit card machine $($equipment$)$ with cash to boost sales at upcoming events. All future credit card sales will incur a $3\%$ transaction fee.

$4/29/2024$ Sophie was asked to cater for a Seattle Storm event. She earned $$4,500$ all from credit card sales. $$2,700$ of inventory was used.

$4/30/2024$ Paid wages to employees for April totaling $$1,250.$

$4/30/2024$ Sophie paid a dividend of $$100$ each to her four investor friends $($$$400$ total$).$

The following data are available for adjusting entries at the end of April $2024$:

$4/30/2024$ Record insurance expense for April.

$4/30/2024$ Record interest expense for April on the bank loan.

$4/30/2024$ Records show customers used $$200$ of gift cards to purchase drinks costing $$75$ to make.

$4/30/2024$ Sophie's business had a water $($utility$)$ bill of $$570$ unpaid at end of the month.

$4/30/2024$ Record total depreciation on the truck, register, and credit card machine of $$500.$

$4/30/2024$ Sophie's employee counted all remaining supplies. $$90$ remained ready for use in May.

$4/30/2024$ Sophie calculated $($but did not pay yet$)$ tax expense of $$600.$