Required information

$[$The following information applies to the questions dilsplayed below.$]$

RunHeavy Corporation $($RHC$)$ Is a corporation that manages a local band. It had the following actuvitles during its first

month.

a$.$ RHC was formed wth an Investment of $$10,100$ cash, pald in by the leader of the band on January $3$ in exchange for

common stock

b$.$ On January $4,$ RHC purchased music equipment by paying $$1,700$ cash and signing an $$8,400$ promissory note payable

In three years.

c$.$ On January $5.$ RHC booked the band for six concert events, at a price of $$2,600$ each, but no cash was collected yet.

d$.$ Of the slx events, four were completed between January $10$ and $20\mathrm{.}1e.$ On January $22,$ cash was collected for three of the four events.

$f.$ The other two bookings were for February concerts, but on January $24,$ RHC collected half of the $$2,600$ fee for one of

them.

On January $27.$ RHC pald $$2\mathrm{.}840$ cash for the band's trovel$-$related costs

h$.$ On January $28.$ RHC pald dits band members s total of $$2,310$ cash for salarles and wages for the first three events

As of January $31.$ the band members hadn't yet been pald wages for the fourth event completed in January, but they

would be pald in February at the same rate as for the tirst three events.

RHC Is subJect to a $20\%$ tax rate on the company's income before tax.

Required:

$3-$a$.$ Prepare an Income statement for January $31$

$3-$a$.$ Prepare an income statement for January $31.3-$b$.$ Prepare a classlfied balance sheet for January $31,$

Complete this question by entering your answers in the tabs below.

Req $3A$

Req $3$ B

Prepare an income statement for January $31$