Exercise #1: We Bring You Solutions, Inc. Objectives: 1. Analyze a company's transactions, and record the impacts to the different components of the accounting equation 2. Build up the 3 Financial Statements We Bring You Solutions, Inc. is a consulting company, owned by Gerry Haze, specialized in providing organizational development services to other companies. It started operations in January 2018, with the following operations: e. f. g. a. Gerry deposited $5,000 in a business checking account as a first investment in his company b. Gerry bought supplies for the business in cash for $120 C. Gerry bought a car for his business for $3,000 with a loan from a bank d. Gerry prepaid liability insurance for the business for $300 for a 6-month period He provided consulting services to SUN for $400, which he received in cash He paid his assistant wages for $80 in cash He provided consulting services to UNI for $300, and sent them an invoice to be collected in 15 days h. He paid the first installment of his car loan for $150 UNI paid 50% of the invoice from transaction g, in cash j. He paid the rent of his office for $500 k. RIO Inc. hired his consulting services and paid him $500 in cash, and will pay him another $500 on account in 30 days 1. He paid his power and telephone bills for $150 m. Gerry withdrew $400 from the business account for his own expenses 1. Tasks: 1) Analysis, recording and summary: Analyze each of the transactions; determine the accounts that get impacted, how and how much they get impacted, and what the resulting accounting equation is after each transaction. 2) Reporting: At the end of recording all transactions, please produce the following financial statements for the period Jan Feb 2018: Income Statement Statement of Owner's Equity Balance Sheet 3) Interpretation: What is your opinion of Gerry's business so far? Why