On March 31, 2012. TQT Incorporated reported the following balance sheet Assets Cash Inventory 3,000 14,000...

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On March 31, 2012. TQT Incorporated reported the following balance sheet Assets Cash Inventory 3,000 14,000 Prepaid Insurance 3,000 Equipment (net) 20,000 Total Assets 40,000 Labs & Owners' Equity Loan Payable 10,000 Common Stock Retained Earnings Total Liabilities and OE 25,000 5,000 40,000 During the month ended April 30, 2012. TQT reports the following activities: 1. They earn revenue totaling $16,000 related to selling inventory, all received in cash. The cost of the inventory sold is 59.000. 2. Employees earn $2,000, all of which is paid in cash during April 3. Other operating expenses for the month total $1,000, all paid in cash during April 4.They purchase inventory for cash at a total cost of $10,000 Other information: The equipment was purchased for $24.000. Depreciation on the equipment is $1,000 per month b. The insurance policy was purchased for 30,000 on January 1, 2012, and covers six months (Jan - June) Required TQT borrowed $10,000 (the loan payable) on March 31, 2012. The loan must be repaid, with interest on September 30, 2012. The annual interest rate is 12% 1. Calculate TQT's net income for the month ended April 30, 2012 2. Calculate TQT's retained earnings as of April 30, 2012. 3. Calculate the total assets as of April 30, 2012 4. Calculate the total liabilities as of April 30, 2012 5. Calculate the total owners' equity as of April 30, 2012 6. Calculate the balance of Accumulated depreciation as of April 30, 2012. On March 31, 2012. TQT Incorporated reported the following balance sheet Assets Cash Inventory 3,000 14,000 Prepaid Insurance 3,000 Equipment (net) 20,000 Total Assets 40,000 Labs & Owners' Equity Loan Payable 10,000 Common Stock Retained Earnings Total Liabilities and OE 25,000 5,000 40,000 During the month ended April 30, 2012. TQT reports the following activities: 1. They earn revenue totaling $16,000 related to selling inventory, all received in cash. The cost of the inventory sold is 59.000. 2. Employees earn $2,000, all of which is paid in cash during April 3. Other operating expenses for the month total $1,000, all paid in cash during April 4.They purchase inventory for cash at a total cost of $10,000 Other information: The equipment was purchased for $24.000. Depreciation on the equipment is $1,000 per month b. The insurance policy was purchased for 30,000 on January 1, 2012, and covers six months (Jan - June) Required TQT borrowed $10,000 (the loan payable) on March 31, 2012. The loan must be repaid, with interest on September 30, 2012. The annual interest rate is 12% 1. Calculate TQT's net income for the month ended April 30, 2012 2. Calculate TQT's retained earnings as of April 30, 2012. 3. Calculate the total assets as of April 30, 2012 4. Calculate the total liabilities as of April 30, 2012 5. Calculate the total owners' equity as of April 30, 2012 6. Calculate the balance of Accumulated depreciation as of April 30, 2012.