This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately in 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 statement and Balance Sheet for the first month of the operation. Use a blank paper for posting into General Ledger and preparation of the financial statements.

1. How much is ending raw materials inventory?
2. How much is the total liability for the company in its balance sheet?
3. How much is the total equity for the company in its balance sheet?
4. How uch is the total Asset for th company in its Balalnce sheet?
5. How Much is the total cash in its Balance sheet?
6. How much is the total inventory balance in its balance sheet?
7. How much is the net income for the company in its Income statement?