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Prepare the Income Statement, Statement of Shareholders' Equity, and Balance Sheet for the period ending April 30, 2016 April 1, 2016 The stockholders purchase 7,500

Prepare the Income Statement, Statement of Shareholders' Equity, and Balance Sheet for the period ending April 30, 2016

April 1, 2016

The stockholders purchase 7,500 shares of $10 par value stock. Total cash received is $75,000.

April 1, 2016

The company took a $30,000 business loan from a local bank. The loan is

"interest only" loan for three years at a fixed rate of 10%. A ballon payment of the

principal will be due in 3 years. The montly interest payment is due by the 10th

of the following month.

April 1, 2016

Management rents a combination office and garage facility for $1,000 per month and pays

April 1, 2016

Purchased a truck valued at $45,000 with a $15,000 down payment and a 4-year $30,000 note payable

April 1, 2016

Purchased used equipment and trailers for $25,000 cash. The equipment and trailers have a 5-year useful life

April 2, 2016

Purchased on account Lawn & Garden Supplies in the amount of $6,000 from Wintergreen Garden Center.

April 4, 2016

Dorsey contracted with two local businesses, Preston Hill B & B and Grace's Diner to provide monthly llandscaping service at a rate

of $650 per month. Dorsey Landscape will bill the businesses at the end of each month.

April 6, 2016

Purchased $500 of office supplies on account from ABC Office Supply.

April 8, 2016

Paid invoice from Insurance company for 4 months of coverage beginning April 1, 2015

April 10, 2016

Receipts of cash from landscaping services in the amount of $5,200 were deposited to bank.

April 14, 2016

Paid 1/2 of amount owed to Wintergreen Garden Center.

April 16, 2016

Paid $1,200 in wage expense for the period April 1 - April 15, 2015.

Aprl 19, 2016

Paid ABC Office Supply invoice for purchases on April 6, 2016.

April 20, 2016

Received $7,500 in cash and checks for landscaping services rendered.

April 24, 2016

Returned $500 worth of lawn and garden supplies to Wintergreen Garden Center and received

credit on account.

April 25, 2016

Received $1,000 advance deposit from customer for landscaping work to be stared in May 2016.

April 28, 2016

Paid remaining balance owed to Wintergreen Garden Center.

April 30, 2016

Truck Payment # 1 - Total $690.88 (Principal = $565.88; Interest = $125.00)

April 30, 2016

Paid $1,400 in wages expense for the period April 16 - April 30, 2016.

April 30, 2016

Pay credit card in full with the following charges incurred in April 2016: Gasoline - $625; Equipment

April 30, 2016

Sent invoices to Grace's Diner and Preston Hill B & B for monthly lawn service.

April 30, 2016

Paid dividends to shareholders in the amount of $500.

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