Required information (The following information applies to the questions displayed below) Kaylee James, a connoisseur of fine chocolate, opened Kaylee's Sweets in Collegetown on February 1 The shop specialtzes in a selection of gourmet chocolate candies and a line of gourmet ice cream, You have been hered as manager Your duties include maintaining the store's financial records. The following transactions occured in February, the first month of operations a Received four shareholders' contributions totaling $29,500 cash to form the corporationc issued 700 shares of $0.10 par value common stock b. Paid three months' rent for the store at $1720 per month (recorded as prepaid expenses) Purchased and received candy for $5,700 on account, due in 60 days. d. Purchased suppiles for $1.430 cash. e Negotiated and signed a two-year $14,000 loan at the bank, receiving cash at the time f. Used the money from (e) to purchase a computer for $3,200 for recordkeeping and inventory tracking; used the balance for furniture and fixtures for the store. g Placed a grand opening advertisement in the local paper for $440 cash; the ad ran in the current month Made sales on Valentine's Day totaling $3.900, $2,675 was in cash and the rest on accounts receivable. The cost of the candy sold was $2.100. Made a $570 payment on accounts payable. incurred and paid employee wages of $1,500 k Collected accounts receivable of $165 from customers Made a repair to one of the display cases for $135 cash, m Made cash sales of $2,800 during the rest of the month. The cost of the candy sold was $1,610 3. Prepare an unadjusted income statement at the end of the first month of operations ended February 28 3. Prepare an unadjusted income statement at the end of the first month of operations ended February 28 Answer is not complete. KAYLEE'S SWEETS Income Statement (unadjusted) For the Month Ended February 28 0 Revenues 0 Sales revenue $ 0,700 Advertising expense Cost of goods sold Repar expense Total pers Net income 000006 440 3,710 1,600 130 C 6,786 50160