Income Statement and Balance Sheet

Green Bay Corporation began business in July 2017 as a commercial fishing operation and a passenger service between islands. Shares of stock were issued to the owners in exchange for cash. Boats were purchased by making a down payment in cash and signing a note payable for the balance. Fish are sold to local restaurants on open account, and customers are given 15 days to pay their account. Cash fares are collected for all passenger traffic. Rent for the dock facilities is paid at the beginning of each month. Salaries and wages are paid at the end of the month. The following amounts are from the records of Green Bay Corporation at the end of its first month of operations:

Accounts receivable	$22,200		Notes payable	$72,000
Boats	93,600		Passenger service revenue	15,050
Capital stock	48,200		Rent expense	4,800
Cash	10,510		Retained earnings	?
Dividends	7,800		Salary and wage expense	21,900

1. Using the data given, prepare an income statement for the month ended July 31, 2017.

Green Bay Corporation
Income Statement
For the Month Ended July 31, 2017
Revenues:
	$fill in the blank a847c3ffcfa8022_2
	fill in the blank a847c3ffcfa8022_4
Total revenues		$fill in the blank a847c3ffcfa8022_5
Expenses:
	$fill in the blank a847c3ffcfa8022_7
	fill in the blank a847c3ffcfa8022_9
Total expenses		fill in the blank a847c3ffcfa8022_10
		$fill in the blank a847c3ffcfa8022_12

2. Using the data given, prepare a balance sheet at July 31, 2017.

Green Bay Corporation
Balance Sheet
July 31, 2017
Assets
	$fill in the blank c6e29200b07a032_2
	fill in the blank c6e29200b07a032_4
	fill in the blank c6e29200b07a032_6
Total assets	$fill in the blank c6e29200b07a032_7
Liabilities and stockholders' equity
	$fill in the blank c6e29200b07a032_9
	fill in the blank c6e29200b07a032_11
	fill in the blank c6e29200b07a032_13
Total liabilities and stockholders' equity	$fill in the blank c6e29200b07a032_14

3. While assessing the long-term viability of the Notes Payable, which of the following would you least consider?

1.	The due date.
2.	The interest rate.
3.	The amount of the note.
4.	Any assets been offered as collateral for the loan.