Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. I need help with the income statement. I have also attached the balance sheet below if that helps.

C Deorgia dener Auteum 1 Copy 29 B 1 Forma Cana ca Formatting Table Styles Dale For Sort Clear - M A B D G H K Note: ITEMS IN WHITE ARE ITEMS THAT COULD BE FILLED IN BY YOU, JUNT BECAUSE IT IS WHITE, DOES NOT MEAN THERE HAS TO BE SOMETHING THERE. Mason Automation Multiple Step Income Statemental Month End 1/31/18 (Enter Account Description) (Enter Arnt Dewi 9 Total Revenue 10 (inter Account Description) 11 Enter Arrent Description) Gross Profit 13 14 Operating Expenses (Selling and Administrative) 15 (Enter Account Description) 16 (Enter Account Description) 12 (Enter Account Description) 18 (Enter Account Description) 19 (Enter Account Description 20 (Enter Account Description 21 (Enter Account Description) 22 (Enter Account Description 23 (Enter Account Description) 24 (Enter Account Description Enter Account Description) Total Operating Expenses 25 Net Income 29 Fill this number in 30 31 32 33 34 Income Statement MacBook Air 342 A B D E F G H L M N 2 3 Mason Automotive is an automotive parts company that sells car parts and provides car service to customers. This is Mason's first year of operations and they have hired you as their CPA to prepare the income statement and balance sheet for their company. As such, January 1st, 2019 was the first day that Mason was in business. For the month of January, record all the necessary journal entries for transactions that occurred during the month. In addition, please prepare all necessary adjusting journal entries as of the end of the month From the information below, please fill out the journal entries tab" for all the necessary joumal entries. Purthermore, please complete the "T-Accounts" tab for the individual accounts so that the trial balance tab can be updated (nutomatically). I prepared the first joumal entry for you in the journal entries tab and T-Accounts tab. Ensure you label the entries similar to how I have shown in aty. Once all entries are record and the T-Accounts tab is updated, please prepare the financial statements (income statement and balance sheet) for the month of January 5 6 7 Journal Entry 8 Mason Automotive sells 15,000,000 shares at 83 par for $25 on January 1st, 2018 9 10 Journal Entry 11 Bd Mason, the CEO, hire 2.500 employees, whom will receive a combined salary of $12 Million on a monthly basis. The employees started on January 1st and will be paid for 12 the month of January on February 5th. Imployee's withholdings are as follows for federal income taxes 6% for state income taxes and 5% for FICA. Record the necessary 13 entry as of January 1, 2018 14 15 Journal Entry 16 Mason Automotive issues a bond payable on January 1st, 2018 with a face value of $200 Million at. The bond will have a useful life of years with an interest payment of 17 Annual Percentage Rate) due at the end of the month. Record the necessary journal entry as of January 1st 2018 18 (Note: When considering the amortization of the discount or premium, assume the straight line method is used). 19 20 Journal Entry #4 21 Mason Automotive purchased 875 Million dollars worth of inventory on account on January and, 2011. Mason notes that it will serpetual inventory system to track 22 23 24 Journal Entry #5 25 Mas Automotive purchases fixed assets of S180 Million that will have a useful life of 10 years and no salvage value on January, 20k $25 million was paid with cash with 26 he remaining balance on account. These assets are depreciated using the straight-line method 27 28 Journal Entry 6 29 On January and Mason Automotive shipped an order to Corby Panther Company. The shipping terms opping point and the value of the order was 5 Million and 30 the inventory cost was 30 Million. Assume that this sale was made on account 31 Journals T-Accounts it NH Formatting Table Sty's Xfx A B D E F G H K L M N 3 Journal Entry 07 On January 3rd, Mason Automotive receives $90 Million advance payment from a customer, Michael Scott Paper Company, to manufacture 9,000 cars. Journal Entry #8 Mason Automotive buys a potent from Apple for $36 Million on January 3, 2018. The patent has a legal life of 20 years, but a useful life of 10 years. Record the necessary entry as of January 3rd, 2018. Assume the potent was purchased using cash. Journal Entry #9 Mason Automotive purchased $2.5 Million dollars worth of supplies January 4th, 2018. 81.75 Million was paid with cash with the remaining balance on account. Journal Entry #10 Mason Automotive pre-pays for Rent Expense for the next year of $12 Million and Insurance Expense of $3.2 Million on January 4th, 2018 Journal Entry on on January 2oth, Mason Automotive decides to purchase 1,200,000 shares of Treasury stock at $26 per share Month End Adjusting Entries There are 10 applicable adjusting entries that need to be made as of the end of the month based on the information provided above. When recording these adjusting entries consider the following facts: 2 7 2 1.) Interest expense will be recorded as a operating expense items on the income statement 2.) Record the necessary adjusting entries related to pre-paid expense as separate joual entries. 3.) When reviewing the supply room as of the end of the month, Mason Automation noted that it had $1.5 Million worth of supplies still on hand. 4.) As of the end of the month, 4.000 cars were completed for Michael Scott Paper Company and the performance obligation had been met on those 4.000 cars. As such, revenue was determined to be camed on those 4.000 vehicles and it was noted that each vehicle costed $8.00 to manufacture 5.) Mason Automation uses the balance sheet approach in estimating the allowance for doubtful accounts as of the end of the period. Based on industry average Mason noted that it will use 5% of receivables as an estimation 6.) When preparing the balance sheet, close out net income to retained earnings. 58 Information Journal Entries T-Accounts Thal Balance 1 M Note: ITEMS IN WHITE ARE ITEMS THAT COULD BE FILLED IN BY YOU. JUST BECAUSE IT IS WHITE, DOES NOT MEAN THERE HAS TO BE SOMETHING THERE Mason Automation Malance Sheet Month Wind 1/18 Libines and Stockholders Current Assets Current Liabilities S52. Accounts Payne 230,750.000 Accounts Reve ,000,000 Uneared Revenge 50,000,000 Allowance of the Account Salaries and Wax Payable 90.000 Netto) 52.000.000 VICA Wholdins Payable 000,000 Federal Income Tax Payhle 1.320,000 1.500.000 State Income Tax Payable 720.000 Total Carrent Assets Total Current unities a92,750,000 Long Term Limites Hond Payable Premium Discount (En Account Description Total Long Term Les Property Plant and quipment Acum Dei Total Property Plant and Equipment Intangible Assets 0,000 1.966,667 1.500 178,500,000 201.966,6677 Total Liabilities Total intang Assets 35700.000 35.700,000 Total Assets 156.650,000 Sakholders que Common Stock Aditional Paldin Capital THANH MINH Retained Earnings Total Stockholder's quity 45.000.000 190,000.00 1.200.000 18. 301,2,333 Total Liabilities and Stockholders Equity $6,034 39 TA Balance Sheet MacBook Air