The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow.

1. The firm was organized and the stockholders invested cash of $7,600.
2. The firm borrowed $5,500 from the bank; a short-term note was signed.
3. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1,990, but a discount was received because the seller was having a sale.
4. A store location was rented, and $1,350 was paid for the first month's rent.
5. Inventory of $16,000 was purchased; $8,700 cash was paid to the suppliers, and the balance will be paid within 60 days.
6. During the first week of operations, merchandise that had cost $5,000 was sold for $5,500 cash.
7. A newspaper ad costing $120 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month.
8. Additional inventory costing $4,450 was purchased; cash of $1,150 was paid, and the balance is due in 30 days.
9. In the last three weeks of the first month, sales totaled $14,000, of which $9,600 was sold on account. The cost of the goods sold totaled $9,100.
10. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month.
11. The firm collected a total of $3,700 from the sales on account recorded in transaction i.
12. The firm paid a total of $4,900 of the amount owed to suppliers from transaction e.

Required:

1. Record each transaction in the appropriate columns. Indicate the financial statement effect.
2. Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for the month.
3. After completing parts a through l, prepare an income statement for Blue Co. Stores Inc. for the month presented and a balance sheet at the end of the month.

The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow.

1. The firm was organized and the stockholders invested cash of $7,600.
2. The firm borrowed $5,500 from the bank; a short-term note was signed.
3. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1,990, but a discount was received because the seller was having a sale.
4. A store location was rented, and $1,350 was paid for the first month's rent.
5. Inventory of $16,000 was purchased; $8,700 cash was paid to the suppliers, and the balance will be paid within 60 days.
6. During the first week of operations, merchandise that had cost $5,000 was sold for $5,500 cash.
7. A newspaper ad costing $120 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month.
8. Additional inventory costing $4,450 was purchased; cash of $1,150 was paid, and the balance is due in 30 days.
9. In the last three weeks of the first month, sales totaled $14,000, of which $9,600 was sold on account. The cost of the goods sold totaled $9,100.
10. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month.
11. The firm collected a total of $3,700 from the sales on account recorded in transaction i.
12. The firm paid a total of $4,900 of the amount owed to suppliers from transaction e.

Required:

1. Record each transaction in the appropriate columns. Indicate the financial statement effect.
2. Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for the month.
3. After completing parts a through l, prepare an income statement for Blue Co. Stores Inc. for the month presented and a balance sheet at the end of the month.

Check my FRUITUTUVU HUU WURDHVIS ET TOUS c. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1,990, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,350 was paid for the first month's rent e. Inventory of $16,000 was purchased; $8,700 cash was paid to the suppliers, and the balance will be paid within 60 days. f. During the first week of operations, merchandise that had cost $5,000 was sold for $5,500 cash. 9. A newspaper ad costing S120 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4.450 was purchased; cash of $1,150 was pald, and the balance is due in 30 days. I. In the last three weeks of the first month, sales totaled $14,000, of which $9,600 was sold on account. The cost of the goods sold totaled S9,100. ). Employee wages for the month totaled S1,900: these will be paid during the first week of the next month. k. The firm collected a total of $3,700 from the sales on account recorded in transaction i. 1. The firm paid a total of $4,900 of the amount owed to suppliers from transactione Required: a. Record each transaction in the appropriate columns. Indicate the financial statement effect. b. Calculate the total assets, llabilities, and stockholders' equity at the end of the month and calculate the amount of net Income for the month. c. After completing parts a through i, prepare an income statement for Blue Co. Stores Inc. for the month presented and a balance sheet at the end of the month. Complete this question by entering your answers in the tabs below. b. Required Required Required Required A B C1 C2 Record each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) ASSETS LIABILITIES STOCKHOLDERS' EQUITY Transaction Accounts Merchandise Notes Accounts Paid-in Retained Cash + Receivable + Inventory - Equipment - Payable + Payable + Capital - Earnings + Revenue - Expenses + + a. b. c. d. e. 1. 1 g. h i. j k. 1. + 3 The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. 2.5 points eBook a. The firm was organized and the stockholders invested cash of $7,600. b. The firm borrowed $5,500 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1,990, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,350 was paid for the first month's rent. e. Inventory of $16,000 was purchased; $8,700 cash was paid to the suppliers, and the balance will be paid within 60 days. f. During the first week of operations, merchandise that had cost $5,000 was sold for $5,500 cash. g. A newspaper ad costing $120 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,450 was purchased; cash of $1,150 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $14,000, of which $9,600 was sold on account. The cost of the goods sold totaled $9,100. j. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month. k. The firm collected a total of $3,700 from the sales on account recorded in transaction i. 1. The firm paid a total of $4,900 of the amount owed to suppliers from transaction e. Hint Print Reference Required: a. Record each transaction in the appropriate columns. Indicate the financial statement effect. b. Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for the month. C. After completing parts a through I, prepare an income statement for Blue Co. Stores Inc. for the month presented and a balance sheet at the end of the month. Complete this question by entering your answers in the tabs below. Required Required Required Required A C1 C2 Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for the month. Assets Liabilities Stockholders' Equity Net Income 3 2.5 points eBook The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $7,600. b. The firm borrowed $5,500 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1.990. but a discount was received because the seller was having a sale. d. A store location was rented, and $1,350 was paid for the first month's rent. e. Inventory of $16,000 was purchased: $8,700 cash was paid to the suppliers, and the balance will be paid within 60 days. f. During the first week of operations, merchandise that had cost $5,000 was sold for $5,500 cash. 9. A newspaper ad costing $120 was arranged for, it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4.450 was purchased: cash of $1,150 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $14,000, of which $9,500 was sold on account. The cost of the goods sold totaled $9,100 j. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month. The firm collected a total of $3,700 from the sales on account recorded in transaction i. 1. The firm paid a total of $4,900 of the amount owed to suppliers from transaction e. Hint Print Reference Required: a. Record each transaction in the appropriate columns. Indicate the financial statement effect. b. Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for the month. c. After completing parts a through I, prepare an income statement for Blue Co. Stores Inc. for the month presented and a balance sheet at the end of the month Complete this question by entering your answers in the tabs below. Required Required Required Required A B ci C2 After completing parts a through I, prepare an income statement for Blue Co. Stores Inc. for the month presented. (Enter decreases with a minus sign to indicate a negative income statement effect.) Show less BLUE CO. STORES INC. Income Statement Effect 3 k. The firm collected a total of $3,700 from the sales on account recorded transaction i. 1. The firm paid a total of $4,900 of the amount owed to suppliers from transaction e. 2.5 points Required: a. Record each transaction in the appropriate columns. Indicate the financial statement effect. b. Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net Income for the month. C. After completing parts a through I, prepare an income statement for Blue Co. Stores Inc. for the month presented and a balance sheet at the end of the month. eBook Hint Complete this question by entering your answers in the tabs below. Required Required Required Required C1 C2 Print B After completing parts a through I, prepare a balance sheet for Blue Co. Stores Inc. at the end of the month. Reference BLUE CO. STORES INC. Balance Sheet Assets: Total current assets Total assets Liabilities: Total liabilities Stockholders' Equity: Total stockholders' equity Total liabilities and stockholders' equity