Kaylee James, a connoisseur of fine chocolate, opened Kaylee Sweets in Collegetown on February1 The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions occurred in February, the first month of operations. a. Received four shareholders' contributions totaling $29,200 cash to form the corporation; issued 500 shares of $0.10 par value common stock. b. Paid three months' rent for the store at $1,860 per month (recorded as prepaid expenses) c. Purchased and received candy for $6,400 on account, due in 60 days. d. Purchased supplies for $1,330 cash. e. Negotiated and signed a two-year $19,000 loan at the bank, receiving cash at the time. f. Used the money from (e) to purchase a computer for $3,500 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store g. Placed a grand opening advertisement in the local paper for $460 cash; the ad ran in the current month. h. Made sales on Valentine's Day totaling $3,000; $2,635 was in cash and the rest on accounts receivable. The cost of the candy sold was $1,200. i. Made a $640 payment on accounts payable. j. Incurred and paid employee wages of $1,300. k. Collected accounts receivable of $160 from customers 1. Made a repair to one of the display cases for $125 cash. m. Made cash sales of $2,400 during the rest of the month. The cost of the candy sold was $1,210 Required: 1. After three years in business, you are being evaluated for a promotion. One measure is how effectively you managed the sales and expenses of the business. The following data are available: 2017 $91,000 $45,500 37,000 2018 2016 Total assets Total liabilities Total stockholders' equity Sales revenue Net income 54,000 22,500 37,000 123,000 94,500 22,400 20,500 16,500 53,000 4,300 84,000 12,000 At the end of 2018, Kaylee decided to open a second store, requiring loans and inventory purchases prior to the store's opening in early 2019 Kaylee James, a connoisseur of fine chocolate, opened Kaylee Sweets in Collegetown on February1 The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions occurred in February, the first month of operations. a. Received four shareholders' contributions totaling $29,200 cash to form the corporation; issued 500 shares of $0.10 par value common stock. b. Paid three months' rent for the store at $1,860 per month (recorded as prepaid expenses) c. Purchased and received candy for $6,400 on account, due in 60 days. d. Purchased supplies for $1,330 cash. e. Negotiated and signed a two-year $19,000 loan at the bank, receiving cash at the time. f. Used the money from (e) to purchase a computer for $3,500 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store g. Placed a grand opening advertisement in the local paper for $460 cash; the ad ran in the current month. h. Made sales on Valentine's Day totaling $3,000; $2,635 was in cash and the rest on accounts receivable. The cost of the candy sold was $1,200. i. Made a $640 payment on accounts payable. j. Incurred and paid employee wages of $1,300. k. Collected accounts receivable of $160 from customers 1. Made a repair to one of the display cases for $125 cash. m. Made cash sales of $2,400 during the rest of the month. The cost of the candy sold was $1,210 Required: 1. After three years in business, you are being evaluated for a promotion. One measure is how effectively you managed the sales and expenses of the business. The following data are available: 2017 $91,000 $45,500 37,000 2018 2016 Total assets Total liabilities Total stockholders' equity Sales revenue Net income 54,000 22,500 37,000 123,000 94,500 22,400 20,500 16,500 53,000 4,300 84,000 12,000 At the end of 2018, Kaylee decided to open a second store, requiring loans and inventory purchases prior to the store's opening in early 2019