Schrand Aerobics, Inc., specializes in offering aerobics classes. On January 1, its beginning account balances are as follows: Cash, $10,000; Accounts Receivable, $10,400; Equipment, $0; Notes Payable, $5,000; Accounts Payable, $2,000; Common Stock, $11,000; Retained Earnings, $2,400; Services Revenue, $0; Insurance Expense, $0; Advertising Expense, $0; Wages Expense, $0; Utilities Expense, $0; Interest Expense, $0. The following transactions occurred during January. (1) Paid $1,200 cash toward accounts payable (2) Paid $7,200 cash for January insurance (3) Billed clients $23,000 for January classes (4) Received $1,000 invoice from supplier for T-shirts given to January class members as an advertising promotion (5) Collected $20,000 cash from clients previously billed for services rendered (6) Paid $4,800 cash for employee wages (7) Received $1,360 invoice for January utilities expense (8) Paid $40 cash to bank as January interest on notes payable (9) Declared and paid $1,800 cash dividend to stockholders (10) Paid $8,000 cash on January 31 to purchase sound equipment to replace the rental system Required (a) Using the financial statements effects template, enter January 1 beginning amounts in the appropriate columns of the first row. (Hint: Beginning balances for columns can include amounts from more than one account.) (b) Report the effects for each of the separate transactions 1 through 10 in the financial statement effects template used in (a). (c) Prepare its income statement for January. (d) Prepare its statement of stockholders' equity for January. (e) Prepare its balance sheet at January 31. Financial statement effects template Income statement Statement of stockholders' equity Balance sheet Note: Do not use negative signs with any of your answers. Schrand Aerobics, Inc. Income Statement For Month Ended January 31 $ 0 Expenses Services Revenue $ 25000 Advertising Expense 1000 Wages Expense 4800 Interest Expense 1360 Utilities Expense 40 Total Expenses 7920 $ Net Income 17080 Please answer all parts of the question. Analyzing Transactions Using the Financial Statement Effects Template and Preparing Financial Statements (FSET) Schrand Aerobics, Inc., specializes in offering aerobics classes. On January 1, its beginning account balances are as follows: Cash, $10,000; Accounts Receivable, $10,400; Equipment, $0; Notes Payable, $5,000; Accounts Payable, $2,000; Common Stock, $11,000; Retained Earnings, $2,400; Services Revenue, $0; Insurance Expense, $0; Advertising Expense, $0; Wages Expense, $0; Utilities Expense, $0; Interest Expense, $0. The following transactions occurred during January. (1) Paid $1,200 cash toward accounts payable (2) Paid $7,200 cash for January insurance (3) Billed clients $23,000 for January classes (4) Received $1,000 invoice from supplier for T-shirts given to January class members as an advertising promotion (5) Collected $20,000 cash from clients previously billed for services rendered (6) Paid $4,800 cash for employee wages (7) Received $1,360 invoice for January utilities expense (8) Paid $40 cash to bank as January interest on notes payable (9) Declared and paid $1,800 cas Module stockholders (10) Paid $8,000 cash on January 31 to purchase sound equipment to replace the rental system Required (a) Using the financial statements effects template, enter January 1 beginning amounts in the appropriate columns of the first row. (Hint: Beginning balances for columns can include amounts from more than one account.) (b) Report the effects for each of the separate transactions 1 through 10 in the financial statement effects template used in (a). (c) Prepare its income statement for January. (d) Prepare its statement of stockholders' equity for January. (e) Prepare its balance sheet at January 31. Financial statement effects template Income statement Statement of stockholders' equity Balance sheet Note: Use negative signs with your answers, when appropriate. Balance Sheet Noncash Contributed Earned Income Statement Transaction Cash Asset + Assets = Liabilities + Capital + Capital Revenue - Expenses = Net Income Beg. Bal. $ 110000 + 0 + 0 $ 0+ $ 0 $ 0 $ 0 $ 0 (1) (2) Paid $1,200 cash toward accounts payable Paid Insurance expense in cash: $7,200 -1200 + 1200 -1200 + 0 + 0 0 0 = 0 -7200 + 0 = 0 + 0 + (3) Billed clients $23,000 23000 + 0 = 0+ 0+ (4) $1,000 invoice received for advertising 0+ 0 = 1000 + 0+ (5) Cash collected on account: $20,000 20000 + 0 = -20000 + 0 + (6) Paid wages expense in cash: $4,800 -4800 + 0 = 0+ 0 + (7) Invoiced for utility expense: $1,360 0+ 0 = 1360 + 0+ (8) Paid $40 cash for interest on note -40 + 0 = 0 + 0+ (9) Paid $1,800 cash dividend -1800 + 0 = + -1800 + (10) Paid $8,000 cash for sound equipment 8000+ 0 = 0 + 0 + TOTALS 0+ 0 = 0+ 0 + oooooooooo 0 0 7200 = 0 0 23000 0 = 0 0 0 1000 = 0 0 0 0 = 0 0 0 0 0 0 OOOOO 0 4800 = 0 0 1360 = 0 40 = 0 0 0 = 0 0 -8000 = 0 0 0 0 = 0 Module obics, Inc., specializes in offering aerobics classes. On January 1, its beginning account balances are as follows: Cash, $10,000; Accounts Receivable, $10,400, Equipment, $0; Notes Payable, $5,000; Accounts Payable, $2,000; Common Stock, $11,000; Retained Earnings, $2,400; Services Revenue, $0; Insurance Expense, $0, Advertising Expense, $0; Wages Expense, $0; Utilities Expense, $0; Interest Expense, $0. The following transactions occurred during January. (1) Paid $1,200 cash toward accounts payable (2) Paid $7,200 cash for January insurance (3) Billed clients $23,000 for January classes (4) Received $1,000 invoice from supplier for T-shirts given to January class members as an advertising promotion (5) Collected $20,000 cash from clients previously billed for services rendered (6) Paid $4,800 cash for employee wages (7) Received $1,360 invoice for January utilities expense (8) Paid $40 cash to bank as January interest on notes payable (9) Declared and paid $1,800 cash dividend to stockholders (10) Paid $8,000 cash on January 31 to purchase sound equipment to replace the rental system Required (a) Using the financial statements effects template, enter January 1 beginning amounts in the appropriate columns of the first row. (Hint: Beginning balances for columns can include amounts from more than one account.) (b) Report the effects for each of the separate transactions 1 through 10 in the financial statement effects template used in (a). (c) Prepare its income statement for January. (d) Prepare its statement of stockholders' equity for January. (e) Prepare its balance sheet at January 31. Financial statement effects template Income statement Statement of stockholders' equity Balance sheet Enter dividends as a negative number.) Schrand Aerobics, Inc. Statement of Stockholders' Equity For Month Ended January 31 Common Stock Retained Earnings Total Stockholders' Equity Balance at January 1 $ Stock Issuance Dividends Net Income Balance at January 31 $ Please answer all parts of the question. 0$ 0 $ 0 0 0 0 0 0 0 $ 0 $ ooooo 0 0 0 0 0