*** I JUST NEED Retained earning coloum and the last two boxes in part B for this section.
The transactions relating to the formation of Blue Co Stores, Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8,500. b. The firm borrowed $4,100 from the bank, a short-term note was signed. c. Display cases and other store equipment costing $1,550 were purchased for cash. The original list price of the equipment was $1,920, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,400 was paid for the first month's rent. e. Inventory of $14,400 was purchased; $8,600 cash was paid to the suppliers, and the balance will be paid within 45 days. f. During the first week of operations, merchandise that had cost $4,200 was sold for $5,100 cash. g. A newspaper ad costing $110 was arranged for, it ran during the second week of the store's operations. The ad will be paid for in the next month h. Additional inventory costing $4,200 was purchased, cash of $1.300 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $14,000, of which $9,900 was sold on account. The cost of the goods sold totaled $8,400. j. Employee wages for the month totaled $1,900, these will be paid during the first week of the next month. k. The firm collected a total of $3,750 from the sales on account recorded in transaction i. 1. The firm paid a total of $4,500 of the amount owed to suppliers from transaction e. Required: a. Record each transaction in the appropriate columns (If an transaction/Adjustment are not affecting the balance sheet category or income statement, leave the cells blank. Enter decreases to account balances as a negative.) ASSETS LIABILITIES + STOCKHOLDERS' EQUITY Transaction Accounts Merchandise Notes Accounts Paid-in Retained Cash + Receivable + Inventory + Equipment = Payable + Payable + Capital + Earnings + Revenue - Expenses 8,500+ + 8,500 + 4,100+ 4.100 + (1,550) + 1,550 (1,400) 1,400 (8.600) 14,400 + 5,800 + 5,100 (4,200) 5,100 4,200 110 + (1,300) 4,200 + 2.900 + 4,100+ 9,900 + (8,400) + 8,400 1,900 + 3,750 + (3,750)| 1,900 (4,500) + (4.500) + 8,200 + 6,150 + 000 + 1,550 - 4,100 + 4.100 + 6,210 + 8,500 + 0 + 19,100 - 16,010 - 14,000 - b. Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for the month. $ $ 21,900 10,310 Assets Liabilities Stockholders' Equity Net Income c. After completing parts a through I, prepare an income statement for Blue Co. Stores, Inc., for the month presented and a balance sheet at the end of the month. BLUE CO. STORES, INC. Income Statement Sales Cost of goods sold Gross profit Rent expense pense Wages expense Advertising expense Net income BLUE CO. STORES, INC. Balance Sheet Assets: Cash Accounts receivable Merchandise inventory $ 0 Total current assets Equipment Total assets Liabilities: Notes payable Accounts payable $ 0 Total liabilities Stockholders' Equity: Paid-in-capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $
