G Fairch Mcros New Tab Search M Inbox Footto Terrez Home M Inbox (2) Teri dbc8401533826850938ae3ca12coffbebocaf83/MyFiles/Downloads/FINALN20PROJECT 205%20(2).pdf Fairchild Semiconductor Fairchild Semiconductor is a business that services the public. They began business operations on December 1. The following data summarizes the events that took place during the first month of operations. 1. Two investors contributed a total of $45000 in cash to help get the business started. They each planned to work for the business 20 hrs per week. 2. One of owners took out a $40000 mortgage on her home to put in her investment in the center. 3. The business borrowed $16000 on a one-year note, at an interest rate of 10% 4. Equipment and furniture, with an estimated useful life of 12 years and no salvage value were acquired and installed at a cost of $40000, paid in cash. 5. $27000 of supplies were acquired on account. 6. The business singed a rental agreement for $62000 for the first year of operations. They made the first monthly rental payment, in cash, of $4000. 7. Revenue for the month was $36000. Of this, $5500 was on account and the rest in cash. 8. Semi-monthly wages of $4400 were earned and paid in cash. 9. At mid-month, a new part-time employee was hired at an annual rate of $13000 ade: Mc * Mcros New Tab Search M Inbox Foto (1) Ter Home M hbox (2) Te GF Whome/chronos/u-db0840153382685093883ca12c0ffbebocaf83/MyFiles/Downloads/FINALMZOPROJECT%205220(2).pdf Human Resources TU 4. Equipment and furniture, with an estimated useful life of 12 years and no salvage value were acquired and installed at a cost of $40000, paid in cash 5. $27000 of supplies were acquired on account. 6. The business singed a rental agreement for $62000 for the first year of operations. They made the first monthly rental payment, in cash, of $4000. 7. Revenue for the month was $36000. Of this, $5500 was on account and the rest in cash. 8. Semi-monthly wages of $4400 were earned and paid in cash. 9. At mid-month, a new part-time employee was hired at an annual rate of $13000. 10.$3250 was received from customers in payments on their accounts. 11. The business paid $15750 to its suppliers for supplies previously acquired. 12. The inventory at the end of the month was $14000 13.Semi-monthly wages of $4900 were earned as of December 31, but the next paycheck was not until January 2. 14.$12700 of the loan principal was repaid. Not interest payments were made. Assignment: Prepare the t-accounts; an Income Statement, and a Balance Sheet as of December 31. o G Fairch Mcros New Tab Search M Inbox Footto Terrez Home M Inbox (2) Teri dbc8401533826850938ae3ca12coffbebocaf83/MyFiles/Downloads/FINALN20PROJECT 205%20(2).pdf Fairchild Semiconductor Fairchild Semiconductor is a business that services the public. They began business operations on December 1. The following data summarizes the events that took place during the first month of operations. 1. Two investors contributed a total of $45000 in cash to help get the business started. They each planned to work for the business 20 hrs per week. 2. One of owners took out a $40000 mortgage on her home to put in her investment in the center. 3. The business borrowed $16000 on a one-year note, at an interest rate of 10% 4. Equipment and furniture, with an estimated useful life of 12 years and no salvage value were acquired and installed at a cost of $40000, paid in cash. 5. $27000 of supplies were acquired on account. 6. The business singed a rental agreement for $62000 for the first year of operations. They made the first monthly rental payment, in cash, of $4000. 7. Revenue for the month was $36000. Of this, $5500 was on account and the rest in cash. 8. Semi-monthly wages of $4400 were earned and paid in cash. 9. At mid-month, a new part-time employee was hired at an annual rate of $13000 ade: Mc * Mcros New Tab Search M Inbox Foto (1) Ter Home M hbox (2) Te GF Whome/chronos/u-db0840153382685093883ca12c0ffbebocaf83/MyFiles/Downloads/FINALMZOPROJECT%205220(2).pdf Human Resources TU 4. Equipment and furniture, with an estimated useful life of 12 years and no salvage value were acquired and installed at a cost of $40000, paid in cash 5. $27000 of supplies were acquired on account. 6. The business singed a rental agreement for $62000 for the first year of operations. They made the first monthly rental payment, in cash, of $4000. 7. Revenue for the month was $36000. Of this, $5500 was on account and the rest in cash. 8. Semi-monthly wages of $4400 were earned and paid in cash. 9. At mid-month, a new part-time employee was hired at an annual rate of $13000. 10.$3250 was received from customers in payments on their accounts. 11. The business paid $15750 to its suppliers for supplies previously acquired. 12. The inventory at the end of the month was $14000 13.Semi-monthly wages of $4900 were earned as of December 31, but the next paycheck was not until January 2. 14.$12700 of the loan principal was repaid. Not interest payments were made. Assignment: Prepare the t-accounts; an Income Statement, and a Balance Sheet as of December 31. o