i need to know how to fill out the T accounts and then create a income statement and balance sheet. thank you for the help
Accounting 350-Homework #1 Impact Imports Suzanne McDaniel is an interior designer in Boise, Idaho and for several years has traveled to Indonesia to find special pieces of furniture and other accessories for her clients' homes and businesses. After observing the sigmificant interest in unique Indonesian products, Suzanne and her husband, Drew, decided to open a warehouse in Boise, Idaho that would specialize in selling Indonesian imports to wholesale customers such as interior designers and architects, as well as retail customers. Drew quit his job as a sales manager and they began their search for a warehouse location in August of 2016. In September they found what they considered to be an ideal space in Southeast Boise, which is conveniently located near downtown and close to majcr Ireeways Pre-Opening Period Drew and Suzanne initially invested $160,000 of personal funds and existing inventory with a value of $90,000 in their new business and decided to call it "Impact Imports". On September 21, 2016, they signed a renewable 24-month lease for the location they desired with a lease term beginning on November 1. The lease agreement required an upfront payment of $18,000, which covered the first six months of rent (covering November 2016 through April 2017) at the rate of $2,500 per month, plus an additional S3,000 damage deposit, which is non-refundable if the lease is cancelled. Under the terms of the lease agreement, Drew and Suzanne were allowed to begin leasehold improvements on the warehouse on October 1 The grand opening was scheduled for Noveinber 1 and the month of October was used to repare the warehouse and to travel to Indonesia to hand select new pieces to include in their inventory. The prior tenant of the warehouse had been a martial arts center, so extensive paint and remodeling was necessary in order to create an eclectic, yet functional retail space. The cost of remodeling the interior space totaled $70,000 and the cost of furnishings was an additional $28,000, including a point of sale computer system. They expect the useful life of the leasehold improvements, furnishings and equipment to be 7 years and their salvage value to be zero In an effort to attract the wholesale (i.e. designers and architects) clientele, Drew and Suzanne decided to carry regional hardwood and stone slabs along with other architectural elements. Suzanne traveled to Indonesia during October and purchased several of these elemental pieces for $36,000, which were schecduled to be delivered to the warehouse by October 31, 2016. Drew and Suzanne planned to combine these newly acquired items with the existing inventory they had initially invested in Impact Imports On October 25th Drew and Suzanne reviewed the last minute preparations for opening day as well as where their bank account stood. Suzanne was concerned that their cash balance had dwindled down to $8,000. Suzanne summarized her concerns. "In one month, we have gone through $152,000 and that doesn't count the grand opening costs we will incur. We won't be in business very long at this rate." On October 30h, they consulted with Eric Beem, a local certified public accountant, on set up accounting records for Impact Imports and advice about obtairing additional funding. For example, should they seek other investors or should they try to
