Gemmex Inc. is a consulting company that specializes in systems design and implementation. The following transactions are recorded by Gemmex during July, its first month of operations.

July 1: Issued common shares in exchange for $50,000 in cash.

July 1: Paid $2,400 representing the rent for the months of July, August, and September.

July 1: Signed a three-year note for $50,000 at the bank. The note bears an annual interest rate of 12%, and both the note and its accrued interest are due at the end of three years.

July 1: Purchased a packaged set of computer systems for $18,000 to be used in future consulting jobs. The package has a useful life of three years and no residual value.

July 15: Received $8,000 cash from a customer for services to be performed over the next two months.

July 20: Paid employees $7,500 for the first half of July. A payment of the same amount but for the second half will be made on August 5.

July 31: Billed customers $17,500 for the work performed during July.

July 31: Received a utility bill for $300. The amount is due in 30 days.

Gemmex follows an accrual accounting system.It has an effective rate of 40% for income tax which is accrued monthly but paid annually at the end of year.

the correct answers are in blue I want to know how to calculate them? besides the first one I don't know how to get the answers

How muchSalaries Expensewill be reported in the Income Statement for the month ended July 31?___15000___ 7500 X 2 = 15000

(15000)

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How muchIncome before Income Taxeswill be reported in the Income Statement for the month ended July 31?

___44400___

(2400)

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What is theCashbalance reported in the Statement of Financial Position on July 31?

___44400___

(80100)

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What is theUnearned Revenuebalance reported in the Statement of Financial Position on July 31?

___4000___

(6000)

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What is theRetained Earningsbalance reported in the Statement of Financial Position on July 31?

___26640___

(1440)