Please Help

Lydia Trottier has prepared baked goods for sale sne 2001 . 5 e started the baking business in her home and has been operating in a rented buiding with a storefront since 2006. Lydia incorporated the business as Blue 5 pruce Incion January 1,2023 , with an initial share issue of 1,100 common shares for $4,100. Lydia is the principal shareholder of blue Spruce Inc. Sales have increased by 30 s annually since operations began at the peesent location, and additional equipment is needed for the contimued growth that is expected. Lydia wants to purchase some additional baking equipment and to finance the equipment through a long-term note from a commercial bank. Fidelity Bank \& Trust has asked Lydia to submit a statement of income for Blue Spruce for the first five months of 2023 and a statement of financial position as at May 31, 2023 Lydia avembled the follewing intormation trom the corporation's cash bsis fecords to use in preparing the financial statements that the bank wants to see: 1. The bank statement thowed the following 2023 deponits through May 31 2. The following amounts were disbursed through May 31, 2023: Raw materials $14,000 3. Unpaid invoices at May 31, 2023, were as follows: 4. Accounts receivable records showed uncollected sales of 55,156 at May 31,2023 5. Raw materials imventory costing $2,185 was on hand at May 31, 2023. There were no materials in process or finished goods ca hand at that date. No raw materials were on hand or in process and no finished coods were on hand at january 1.2023. 6. The note for the three-year bank loan is dated January 1,2023, and states a simple interest rate of 9%. The loan roquires quarterly payments on April 1, July 1, October 1 , and January 1. Each payment is to consist of equal principal payments [$2,880+(34)=$240] plus acerued interest since the last payment. 7. Employees have been paid through May 25, 2023, and are due an additionat $290 on May 31,2023. 8. Equipment costing $3,660 was purchased on January 2,2023 , and has an estimated useful life of five years with no residual value. Straight-line depreciation is used. 9. Rent was paid for six months in advance on Jamuary 2,2023. 10. A one-year insurance policy was purchased en January 2,2023. 11. Blue Spruce is subject to an income tax rate of 25%. No tax instalments have been paid. 12. Payments andcollections from the unincorporated business through December 31, 2022, were not included in the corporation's records, and no cash was transterred from the unincorporated business to the corporation. (a) Your answer is correct. Using the accrual basis of accounting, prepare a statement of income for the five months ended May 31, 2023, fRound eamings per share value to 2 decimal places, e. .5.27 and other values to 0 decimal places, es. 5.275.) Using the accrual basis of accounting prepare a statement of income for the five months ended May 31, 2023. (Round earnings per share value to 2 decimal placex. es. 5.27 and other values to O decinul places es. 5.275) Using the accrual basis, prepare a statement of financial position as at May 31,2023. (List Cument Assets in order of liquidity. Round answers to 0 decimal places, eg, 5,275. Equigment Less : : Accumulated Depreciation-Equipment Totalassets 5 Liabilities and Shareholders' Equity Current tiatilities Accounts Pritile 5 Notes Parable Ueditirs Experese income tex Pyrable Sataries and Wages Farable Total Curmend Wialiaies Lons.Jerm tiablesies Salaries and Wages Pavable Total Current Liabilites Lone-Ferm Liatilties 5 Totaltong-Persistidities Fotaliabiaties Shareholder'i Lquity Commonshares Petained Earnings Total Uabilites and Shareholder' Equity Focal Labilites