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Create an income statement, balance sheet and equity statement for the following information. Thank you On December 31, Local Corp is incorporated. It issues shares
Create an income statement, balance sheet and equity statement for the following information. Thank you
On December 31, Local Corp is incorporated. It issues shares for $100,000 in cash | |||||
The following are the company transactions for December and January: | |||||
31-Dec | Local sells shares | ||||
10-Jan | Local buys $80,000 of equipment for cash. | ||||
12-Jan | Local pays rent for the month of January of $5,000. | ||||
14-Jan | Local borrows $20,000 from the bank. | ||||
15-Jan | Local buys $25,000 of inventory for cash. | ||||
18-Jan | Local sells $10,000 worth of inventory for $28,000 cash. | ||||
20-Jan | Local sells $10,000 worth of inventory for $31,000 on account | ||||
22-Jan | Local incurs salary expense of $15,000 | ||||
28-Jan | Local pays employees $9,000 for salaries. | ||||
30-Jan | Local incurs and pays interest on the loan. | ||||
30-Jan | Local pays a cash dividend. | ||||
30-Jan | Local incurs tax expense. | ||||
30-Jan | Local incurs depreciation expense on the equipment. |
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