This is a new manufacturing corporation that issued $$30000$ common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year.

Post all journal entries in the General Ledger T$-$accounts and using their respective balances prepare an Income Statment and Balance Sheet for the first month of the operation. Use a blank paper for posting Journal Entries into General Ledger and preparation of the financial statements.

Jan X Raw Materials $$25,000$

Accounts Payable $$25,000$

$($Record purchase of raw mats.$)$

Jan X Work in Process Inv. $$30,000$

Raw Material Inv. $$10,000$

Salaries Payable $$8,000$

Factory Overhead $$12,000$

Transfer $$10$k to raw terials to production, incur $$8$k of direct labor, apply $$12$k of overhead

Jan X Finish Goods Inv. $$20,000$

Work in Process Inv. $$20,000$

Transper completed units to finished goods

Jan X Accounts Receivable $$45,000$

Sales $$45,000$

Record sales of finish goods

Jan X Costs of Goods Sold $$15,000$

Finished Goods Inv. $$15,000$

Transfer finished goods to COGS

$1)$ What is the Raw Material balance at the end of the period?

$2)$ What is the Work in Process account balance at the end of the period?

$3)$ What is the Cash account balance at the end of the period?

$4)$What is the Net Income at the end of the period in the Income Statement?

$5)$What is the Total Inventory balance at the end of the period in the Balance Sheet?

$6)$What is the Total Asset balance at the end of the period in the Balance Sheet?

$7)$What is the Retained Earnings account balance at the end of the period $($as mentioned before, no Dividend has been declared$)$ in the Equity section of the Balance Sheet?

$8)$What is the Total Equity Balance at the end of the period in the Balance Sheet?

$9)$What is the Total Liability balance at the end of the period in the Balance Sheet?