Minute Print Corporation started business on January 1, 2020. The following transactions occurred in 2020 1 2 3 4 5. 6. On January 1, 2020, the company issued 10,000 common shares for $300,000 On January 2, the company borrowed 543,200 from the bank. On January 3, the company purchased equipment for $111.000 cash On January 1, the company rented a building at a cost of $1.100 per month. The company agreed to pay two additional months in advance for January and February 2021 along with the payment for the full year's rent for 2020. Initial supplies were purchased for $90,200 cash. Additional purchases of supplies during the year totalled 5192,600, all on account Sales during the year totalled $483,900, of which $447.900 were on account. Collections from customers on account totalled $418,300 Payments to suppliers on account totalled $184.700. The cost of supplies that was used during the year was $213,100. Wages expense totalled $94 200 for the year of this amount, $4.700 was unpaid at year end Interest of $2.400 on the loan payable from the bank was paid at December 31. In addition, 54,800 of the loan principal was repaid at that time 7 8 9. 10. 11 12 13 Miscellaneous expenses of $8.500 were paid during the year, www.TUTTOUT 2. 3 4. 5. 6 7. 8 On January 2, the company borrowed 543,200 from the bank. On January 3, the company purchased equipment for $111.000 cash. On January 1, the company rented a building at a cost of $1,100 per month. The company agreed to pay two additional months in advance for January and February 2021 along with the payment for the full year's rent for 2020, Initial supplies were purchased for $90,200 cash. Additional purchases of supplies during the year totalled $192,600, all on account Sales during the year totalled $483,900, of which 5447.900 were on account Collections from customers on account totalled 5418,300, Payments to supoliers on account totalled $184,700, The cost of supplies that was used during the year was $213,100, Wages expense totalled 594.200 for the year of this amount. $4,700 was unpaid at year end. Interest of $2.400 on the loan payable from the bank was paid at December 31. In addition, $4,800 of the loan principal was repaid at that time Miscellaneous expenses of $8.500 were paid during the year The company declared a $3.000 but paid only $1,500 of this amount 9 10. 11 12 13 Show the effects of the transactions on the basic accounting equation by preparing a template like the one below: (lf an amount reduces the account balance then enter with negative sign, Indicate whether it is Revenue, Expense or Dividend Declared in the last column. In case if there is no effect then select "Not Applicable) Assets Trans Cash Accounts Receivable Supplies Prepaid Rent 1 $ 2 3 6 6 7. B 10 11 12 13 14 Total Prepare a statement of income for the year. (Enter loss using either a negative sign preceding the number es-45 or parentheses (451) Minute Print Corporation Statement of Income = Prepare a statement of changes in equity for the year. (Enter loss using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Minute Print Company Statement of Changes in Equity Number of Common Shares Share Capital - Common Shares Retained Earnings $ C > $ Prepare a statement of financial position. (Ust assets in order of liquidity) Minute Print Corporation Statement of Financial Position ASSETS LIABILITIES & SHAREHOLDERS' EQUITY Prepare a statement of cash flows for the year. (In Cash flow statement show amounts that decrease cash flow with either a - signes - 15,000 or in parenthesis es. (15,000).) Minute Print Corporation Statement of Cash Flows For the Year Ended December 31, 2020