Hello,

Could you please answer the following question in whole. Thank You!

P1-7A On June 1, 2018, One Planet Cosmetics Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow: Cash $ 15,000 Accounts receivable 9,000 Supplies 1,200 Equipment 52,000 Accounts payable 7,300 Bank loan payable 23,000 Common shares 36,000 Dividends declared 1,000 Service revenue 24,200 Supplies expense 2,100 Interest expense Office expense 1,500 Utilities expense 1,500 Income tax expense 700 Salaries expense 5,700 Instructions (a) Prepare an income statement, statement of changes in equity, and statement of financial position for the month. (b) Explain why it is necessary to prepare the financial statements in the order listed in part (a). 800 Prepare statement of cash flows; comment on adequacy of cash