please help me fill this out for Mason Automotive. Prepare an income statement and balance sheet amd T account chart. for their company
Latel the entries how i kere for Estry at. Boce oll enthes are incored atd the tub is updeted, please jerpare the financial atakmenta fincome ros bertination. The first part of the delvery was recelved by Pather Paws on Jahuary 17 with a cales wiun of 7 517e.2 Milion and the inventory cost was 595.7 Milion. The second part of the delvery was recelved on february 3rd with a sales value of 5250 Milion and an inventory cost of $175Million. Assume that thit sale was made on account. Mason Automotlve purchased $8 Million dollars worth of spplies on account on lanwary 27 th, 2023. Mason Autemotive purchases fixed assets of $176 Million that will have a useful ife of 14 years and a salvage 9 value of 555 million on lansary 1st, 2023. 570 million was paid with cath with the remaining balance on account. These assets are depreciated using the itraight-line method. Ed Mason, the Ce0, hires 3,870 employees, whom will receive a combined salary of 57.38 Millon on a monthy. basis. The employees started on lanuary 1 st and will be paid for the month of January on February 6 th. 10 Employee's withholdings are as follows: 11% for federal income taxes 5.6% for state income taxes and 7.65\% for FICA. Record the necessary entry as of the date of hire, January ist, 2023. 11 On January 30th, Mason Automotive decides to purchase 142,000 shares of Treasury stock at $22 per share. Nate on Balance sheeti When grepaing the balance sheet, close out net income to retained earnings. Ihacharened lnfermatien Masce Automotive is an audometive parts compousy that sells car pacts and proviles car servioe lo cuitomers. This is Mason's File Details Introduction to Financial Accounting Next (D) Dashboard 2:38 ,5G+ File Details Introduction to Financial Accounting Note: When considering the amortimation of the discount or premium, assume the straight line method is used. Interest wil be accrued on a monthly basis. On January 15th, Mason Automotive shipped two orders to Panther Paws Corporation. The shipping terms were FOB 7 Destination. The first part of the delivery was received by Pather Paws oe January 17th with a sales value of $178.2 Miltion and the inventory cost was 595.7 Million. The second part of the delivery was reoived on February 3rd with a sales value of 5250 Million and an inventory cost of \$175Million. Assume that this sale was made on account. Mason Automotive purchases fixed assets of 5176 Million that will have a usefil life of 14 years and a salvage value of 9 555 million on January 1st, 2023. 570 million was peid with cash with the remaining balance on account. These assets are deprociated using the gtraight-line methot. Ed Mason, the CEO, hires 3,870 employees, whom will receive a combined salary of S7.38 Million on a monthly basis. 10 The employees started on Janaary lat and will be paid for the month of January on February 6th. Employee's withboldings are as follows: 11% for foderal income taxes 5.6% for state income taxes and 7.65% for FICA. Record the nceesary entry as of the date of hire, January lst, 2023. On January 30th, Mason Automsotive decides to purchase 142,000 shares of Treasury stock at \$22 per share. 11 Nete on Balanee Shert: When preparing the balance sheet, close out net income to retained eamings. Latel the entries how i kere for Estry at. Boce oll enthes are incored atd the tub is updeted, please jerpare the financial atakmenta fincome ros bertination. The first part of the delvery was recelved by Pather Paws on Jahuary 17 with a cales wiun of 7 517e.2 Milion and the inventory cost was 595.7 Milion. The second part of the delvery was recelved on february 3rd with a sales value of 5250 Milion and an inventory cost of $175Million. Assume that thit sale was made on account. Mason Automotlve purchased $8 Million dollars worth of spplies on account on lanwary 27 th, 2023. Mason Autemotive purchases fixed assets of $176 Million that will have a useful ife of 14 years and a salvage 9 value of 555 million on lansary 1st, 2023. 570 million was paid with cath with the remaining balance on account. These assets are depreciated using the itraight-line method. Ed Mason, the Ce0, hires 3,870 employees, whom will receive a combined salary of 57.38 Millon on a monthy. basis. The employees started on lanuary 1 st and will be paid for the month of January on February 6 th. 10 Employee's withholdings are as follows: 11% for federal income taxes 5.6% for state income taxes and 7.65\% for FICA. Record the necessary entry as of the date of hire, January ist, 2023. 11 On January 30th, Mason Automotive decides to purchase 142,000 shares of Treasury stock at $22 per share. Nate on Balance sheeti When grepaing the balance sheet, close out net income to retained earnings. Ihacharened lnfermatien Masce Automotive is an audometive parts compousy that sells car pacts and proviles car servioe lo cuitomers. This is Mason's File Details Introduction to Financial Accounting Next (D) Dashboard 2:38 ,5G+ File Details Introduction to Financial Accounting Note: When considering the amortimation of the discount or premium, assume the straight line method is used. Interest wil be accrued on a monthly basis. On January 15th, Mason Automotive shipped two orders to Panther Paws Corporation. The shipping terms were FOB 7 Destination. The first part of the delivery was received by Pather Paws oe January 17th with a sales value of $178.2 Miltion and the inventory cost was 595.7 Million. The second part of the delivery was reoived on February 3rd with a sales value of 5250 Million and an inventory cost of \$175Million. Assume that this sale was made on account. Mason Automotive purchases fixed assets of 5176 Million that will have a usefil life of 14 years and a salvage value of 9 555 million on January 1st, 2023. 570 million was peid with cash with the remaining balance on account. These assets are deprociated using the gtraight-line methot. Ed Mason, the CEO, hires 3,870 employees, whom will receive a combined salary of S7.38 Million on a monthly basis. 10 The employees started on Janaary lat and will be paid for the month of January on February 6th. Employee's withboldings are as follows: 11% for foderal income taxes 5.6% for state income taxes and 7.65% for FICA. Record the nceesary entry as of the date of hire, January lst, 2023. On January 30th, Mason Automsotive decides to purchase 142,000 shares of Treasury stock at \$22 per share. 11 Nete on Balanee Shert: When preparing the balance sheet, close out net income to retained eamings
