St. Thomas Yacht Services, Inc. had the following transactions during its first month of operations: Dec 2 Borrowed $60,000 from First Bank after signing a 10 year, 4% promissory note. Payments are due on the last day of the month. Dec 4 Journalized the issuance of $45,000 of $1 par value common stock at par. Dec 7 Signed lease and paid the landlord $1,300 rent for the first month. Dec 8 Purchased $13,000 of office furniture on account. Dec 9 Created marketing materials, including a logo. Dec 12 Purchased a one year insurance policy for $2,100. Dec 15 Purchased $1,100 of cleaning supplies on account. Dec 17 Hired 4 employees, who will be paid $12 per hour. Dec 18 Paid $350 to have marketing materials printed. Dec 22 Three employees were sent to distribute marketing materials along Pler 8. Dec 23 Detailed 8 sailboats competing in the Maxi Yacht Rolex Cup this March. The bookkeeper sent an invoice for $10,000. Dec 25 Received $4,000 in deposits to clean two 63 foot yachts. Dec 26 Sent two employees to clean Serendipity, a 56 foot sloop. They spent 3 hours on the job. Dec 29 Paid $72 to employees who cleaned Serendipity and $108 to employees who distributed marketing materials. (Ignore payroll taxes for this problem). Dec 30 Sent a $2,100 invoice to Serendipity's Captain Samantha, less the $700 deposit. Dec 31 Paid First Bank $607 representing $200 in interest plus $407 toward the principal. On December 31 , the following adjustments must be made: - The furniture, which has no salvage value and a 5 year useful life, needs to be depreciated using straight-line depreciation. - A physical count shows only $500 of supplies remains in the storage closet. - One month of the 1-year insurance policy has been used. - The Board of Directors did not declare dividends in January. Expenses: x Total Expenses Net Income St. Thomas Yacht Services Balance 31-Dec-13 Assets St. Thomas Yacht Services Balance 31-Dec-13 Assets Total Assets Liabilities Total Assets Liabilities Total Liabilities Stockholder's Equity Total Stockholder's Equity Total Liabilities + Stockholder's Equity