On January 1, 2023, Gabby decided to open a business registered as Gabrielle, LLC. Gabby contributed Cash, $1,000,000; and Furniture that has a fair market value of $500,000 and a cost of$300,000. There was an outstanding note of $100,000 on the furniture and Gabrielle, LLC assumed the outstanding note payable.

The following are the additional transactions that Gabrielle, LLC engaged in during the month ofJanuary,2023.

Jan 1,interviewed Erich to serve as Operation manager on a part time basis at a salary of $15,000 per month. Erich accepted the job and agreed to start on January 16, 2023.

Jan 5,Borrowed$600,000 from Bank of America and issued apromissory note to the bank.

Jan 8,Boughtsupplies for $60,000, paying $40,000 now and promising to pay the balance onJanuary 31, 2023.

Jan 15 Performed $50,000 services for a customer and collected $30,000. The balance is to be collected in future.

Jan 16, Erich reported for duty as a follow up on his acceptance of the position as an Operation Manager at a salary of $15,000 per month.

Jan 31, Accrued $6,000 interest on the promissory note issued to the bank onJanuary 5.

Jan31, Services performed but neither billed nor recorded was $25,000.

Jan 31. Supplies used during the month was $12,000.

Jan 31. Paid Erich $15,000 for the services performed during the month of January.

Jan 31. Paid dividend of $2,000 to Gabby, the owner.

Jan31 Thefurniture has 7-year life and a salvage value of $10,000. The company uses straight-line depreciation method.

Required:

a.Prepare general journal entries based on the information above.

b.Post the journal entries to the general ledger.

c.Prepare a trialbalance

d.Prepare incomeStatement

e.Prepare Balance Sheet

f.Prepare Closingentries

g.Prepare Post-closing trialbalance

h.Calculate the currentratio

i.Calculate the workingcapital

j.Calculate the gross profitmargin

k.Calculate the return on sales

l.Prepare common size income statement and balancesh