starting balance sheet): During the last quarter (Q1), the following seven transactions have occurred at ABC.inc: 1. Received and billed for inventory worth $3,500 2. Purchased $500 flood/fire insurance six-month policy with cash 3. Received a cash payment of $3,340 for services rendered in FY1 4. Paid $1,380 in cash to suppliers of inventory 5. Made mortgage payment of $1,250 in cash 6. Paid $15,000 in cash for wages due 7. Sold $350 of inventory to a competitor, but have not received payment Directions: Based on the above transactions, what would be in the new balance sheet at the end of the first quarter in the current fiscal year (FY 2)? Submit your new balance sheet in an Excel spreadsheet via Canvas. Use the transaction worksheet I have created in Excel for you, before filling in the shaded cells in new balance sheet (Q1, FY2) to complete the assignment. An example can be found in the balance sheet slides, under module 10 on Canvas