Hialeah Skateboard Corporation Hialeah Skateboard Corporation

Income Statement

For the Month Ending Jan $31,2022$

Revenue:

Less Expenses: Hialeah Skateboard Corporation

Balance Sheet

January $31,2022$

Assets:

Total Assets

Liabilities:

Owner's Equity:

Common Stock

Retained Earnings

Trial Balance

YTD December $31,2021$

Journalize the following transactions using $T$ accounts that occurred during January $2022-$ Make sure to show your work $(50$ Points$)$

$1/1/22-$ Bought merchandise from Jimbo Co$.,$ $$12,400,$ FOB destination, $\frac{2}{10},\frac{n}{30}.$ Invoice dated $\frac{1}{1}\frac{?}{22}$

$\frac{1}{1}\frac{?}{22}-$ Bought an automated pallet moving system for the warehouse at a cost of $$160,000,$ with a useful life of $5$ years and residual value of $$22,000,$ depreciated using the double declining method

$\frac{1}{3}\frac{?}{22}-$ Paid Shipping charges of $$415$ relating to the $\frac{1}{1}\frac{?}{22}$ purchase

$1/10/22$ Paid Jimbo Co$.$ for invoice from Jan $1$st

$\frac{1}{15}\frac{?}{22}-$ Sold merchandise to Fred Co$.$ for $$15,200$ under credit terms $\frac{2}{10},$ N$/60,$ FOB Shipping point, Invoice dated January $15$ th$.$ The merchandise cost of $$14,000$

$1/19/22-$ Paid $$125$ cash for shipping charges related to the January $15$th sale to Fred Co$.$

$1/20/22-$ Fred Co$.$ returned merchandis from the Jan $15$th sale having a cost of $$800$ and was sold for $$1,100.$ Merchandise was rtestored in inventory

$1/25/22-$ Received balance from Fred Co$.$ Company for the Jan $15$th sale

$\frac{1}{30}\frac{?}{22}-$ The equipment which was on the books in our beginning trial balance was sold off for $$12,000($On the books at $$40,000$ for the asset, and $$30,000$ Accum Depreciation$)$

Create an Income statement for the month ending in January $31,2022,$ and a Balance sheet as of January $31,2022(50$ Points$)$