Create a March income statement for Ibrahim Company, a company that sells board games Below are the transactions from March March 1 Signs a 10 year loan from the bank for $60,000 and receives the cash today The annual interest rate on the loan is 4 The interest and principal will all be paid at the end of the loan term March 5 To raise capital, it sells new shares of stocks and becomes publicly owned The company has decided on a $ 05 par value and authorizes 1,000,000 shares, but only decides to sell 400,000 shares for $10 a share March 31 Accrues $6,000 in wages for employees Will pay this amount to employees in April During March, had $80,000 in sales Of those sales, $70,000 were paid with cash and $10,000 were on account The cost of the game inventory to Ibrahim Company was $50,000 During March, the company sold $900 of gift cards As of the end of March, no gift cards had been redeemed Create a March income statement for Ibrahim Company, a company that sells board games Below are the transactions from March March 1 Signs a 10 year loan from the bank for $60,000 and receives the cash today The annual interest rate on the loan is 4 The interest and principal will all be paid at the end of the loan term March 5 To raise capital, it sells new shares of stocks and becomes publicly owned The company has decided on a $ 05 par value and authorizes 1,000,000 shares, but only decides to sell 400,000 shares for $10 a share March 31 Accrues $6,000 in wages for employees Will pay this amount to employees in April During March, had $80,000 in sales Of those sales, $70,000 were paid with cash and $10,000 were on account The cost of the game inventory to Ibrahim Company was $50,000 During March, the company sold $900 of gift cards As of the end of March, no gift cards had been redeemed

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Create a March income statement for Ibrahim Company, a company that sells board games. Below are the transactions from March: March 1: Signs a 10-year

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Create a March income statement for Ibrahim Company, a company that sells board games. Below are the transactions from March:

March 1: Signs a 10-year loan from the bank for $60,000 and receives the cash today. The annual interest rate on the loan is 4%. The interest and principal will all be paid at the end of the loan term.
March 5: To raise capital, it sells new shares of stocks and becomes publicly owned. The company has decided on a $.05 par value and authorizes 1,000,000 shares, but only decides to sell 400,000 shares for $10 a share.
March 31: Accrues $6,000 in wages for employees. Will pay this amount to employees in April.
During March, had $80,000 in sales. Of those sales, $70,000 were paid with cash and $10,000 were on account. The cost of the game inventory to Ibrahim Company was $50,000.
During March, the company sold $900 of gift cards. As of the end of March, no gift cards had been redeemed.

Create a March income statement for Ibrahim Company, a company that sells board games. Below are the transactions from March: March 1: Signs a 10-year loan from the bank for $60,000 and receives the cash today. The annual interest rate on the loan is 4%. The interest and principal will all be paid at the end of the loan term. March 5: To raise capital, it sells new shares of stocks and becomes publicly owned. The company has decided on a $.05 par value and authorizes 1,000,000 shares, but only decides to sell 400,000 shares for $10 a share. March 31: Accrues $6,000 in wages for employees. Will pay this amount to employees in April. During March, had $80,000 in sales. Of those sales, $70,000 were paid with cash and $10,000 were on account. The cost of the game inventory to Ibrahim Company was $50,000. During March, the company sold $900 of gift cards. As of the end of March, no gift cards had been redeemed