Prepare an income statement (ignoring income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare T-accounts for each account affected by the transactions.) (Amounts to be deducted and net loss should be indicated with minus sign.)

a.	Issued 195,000 shares of $6-par-value common stock for $1,170,000 in cash.
b.	Borrowed $520,000 from Oglesby National Bank and signed a 10% note due in two years.
c.	Incurred and paid $390,000 in salaries for the year.
d.	Purchased $640,000 of merchandise inventory on account during the year.
e.	Sold inventory costing $590,000 for a total of $920,000, all on credit.
f.	Paid rent of $220,000 on the sales facilities during the first 11 months of the year.
g.	Purchased $160,000 of store equipment, paying $51,000 in cash and agreeing to pay the difference within 90 days.
h.	Paid the entire $109,000 owed for store equipment, and $600,000 of the amount due to suppliers for credit purchases previously recorded.
i.	Incurred and paid utilities expense of $37,000 during the year.
j.	Collected $835,000 in cash from customers during the year for credit sales previously recorded.
k.	At year-end, accrued $52,000 of interest on the note due to Oglesby National Bank.
	I. At year-end, accrued $20,000 of past-due December rent on the sales facilities.

JOHN JOHN DA DON VS x M Accounting Week 2 x c Chegg Study l Guided sol x C ezto.mheducation.com /hm.tpx KISSICK CO Income Statement EE O I'm Cortana. Ask me anything. 3:09 PM 8/18/2016