Instructions Snowmen Siblings S-Corp went into their first month of business on January 15 2020. Below (in numeric order) lists the transactions within the first quarter. You will construct a balance sheet, income statement, statement of retained earnings, and statement of cash flows with your team. Financial Activities 1. Jan1 - Sold common stock worth $10,000. 2. Jan1 - Took out a loan for $10,000. The bank expects the loan to be repaid in two years, at 4% 3. Jan 1 - Bought inventory worth $300. 4 Jan 1 - Bought prepaid insurance for $2,000. This will last for one year. 5. Jan 1 - Bought equipment for $2400. No salvage value at the end of one year. 6 Jan 31 - Monthly revenues from Snowman Sales equaled $3000. Paid one employee $2000 in wages. Remaining inventory is 200$ 7. Feb 28 -Monthly revenues from Snowman Sales equaled $3500. Paid one employee $2000 in wages. COGS was $150 for the month 8. Mar 31 - Monthly revenues from tutoring consultation equaled $3000. Paid one employee $2500 in wages. The remaining inventory balance is empty. 9. Mar 31- The utility company collected three months electric bill, in the amount of $1050 Practice Question: Snow Take your balance and write out the Expanded Accounting Equation. Does it balance? Show your work Suppose the equipment actually has a salvage value of $1200 in two years. How does this affect depreciation expense? Cash flows? What's up with Employee Wages? (Sorry I can't currently think of how | want to ask this question)