! Required Information [The following Information applies to the questions displayed below] J. Kamas and G. Charrier have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Incorporated. The following transactions occurred In March: a. Received $80,000 cash from each of the two shareholders to form the corporation, In addition to $2,000 in accounts receivable, $5,300 In equipment, a van (equipment) appraised at a fair value of $13,000, and $1,200 In supplies. Gave the two owners each 500 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $360,000, making a $72,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest. c. Borrowed $50,000 from the local bank on a 10 percent, one-year note. d. Purchased food and paper supplies costing 10,200 in March; paid cash. e. Catered four parties in March for $4,200; $1,600 was billed and the rest was received in cash. f. Sold food at the retail store for $16,900 cash. g. Used food and paper supplies costing $10,830. h. Received a $420 telephone bill for March to be paid In April. 1. Pald $363 In gas for the van in March J. Paid $6,280 In wages to employees who worked in March. k. Paid a $300 dividend from the corporation to each owner. 1. Purchased $50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20.000 (added to the cost of the building): paid cash. Required: 1. Prepare an unadjusted classified Income statement for the month of March. TRAVELING GOURMET, INCORPORATED Income Statement (unadjusted) Revenues < Prev 7 8 or 8 Next Required: 1. Prepare an unadjusted classified Income statement for the month of March. TRAVELING GOURMET, INCORPORATED Income Statement (unadjusted) Revenues: Total revenues 0 Expenses: 0 Total expenses