Cullumber Company, a ski tuning and repair shop, opened on November 1, 2021. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2022. Cash Receipts Cash Payments Issuance of common shares $21,200 Payment to purchase repair shop equipment $9,030 Rent payments to landlord 1,295 Newspaper advertising payment 325 Utility bill payments 800 Part-time helper's wage payments 2,000 Income tax payment 10,300 Cash receipts from ski and snowboard repair services 30,600 Subtotals 51,800 23,750 Cash balance 28,050 Totals $51,800 $51,800 Activate Windows The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are Settings to activate Windows made at the beginning of each month. The part-time helper is owed $545 at April 30, 2022, for unpaid wages. At April 30, 2022, customers owe Cullumber Company $430 for services they have received but have not yet paid for. Income Statement For the Six Months Ended April 30, 2022 Revenues Expenses Total Expenses Activate Wi Go to Settings Net Income /(Loss) CULLUMBER COMPANY Balance Sheet April 30, 2022 Assets A Liabilities and Stockholders' Equity Activations Go to Settings to activate Wir Liabilities and Stockholders' Equity