Trial Balance Summary As of January 1, 2019 Description Debit Credit Cash 72,300 00 0 00 Accounts Receivable 95,000 00 0 00 Inventory 95,000 00 0 00 Furniture Fixtures 20,000 00 0 00 Computer Equipment 15,000 00 0 00 Accum Dep F F 0 00 2,000 00 Accum Dep Comp Eqp 0 00 1,500 00 Accounts Payable 0 00 60,000 00 Salaries Payable 3,800 00 Notes Payable 0 00 10,000 00 Deferred Revenue 0 00 5,000 00 Common Stock 0 00 70,000 00 Retained Earnings 0 00 145,000 00 Total 297,300 00 297,300 00 Packing Inc s transactions during January 2019 Jan 1 Issued 7,500 shares of no par common stock for $10 per share Jan 1 Purchased a machine for $48,000 Monthly depreciation for the machine is $800 Jan 6 Purchased office supplies on account for $6,000 Jan 10 Performed repairs and maintenance on their computer equipment costing $3,500 Jan 12 Purchased inventory for $50,000 Jan 15 Declared and paid $1,500 in dividends to its shareholders Jan 20 Paid $6,000 for the supplies purchased on January 6 Jan 25 Provided services for which a customer had paid $5,000 in December of 2018 (hint see the deferred revenue account in the January 1, 2019 trial balance) Jan 31 Paid its employees $25,000 for work performed from December 26 January 25 $3,800 was for work performed in December 2018, and 21,200 was for work performed from January 1 January 25, 2019 Collected $145,000 in accounts receivable Made credit sales for $180,000 The cost of the goods sold was $90,000 Paid $35,000 to its suppliers for inventory purchased on credit in December 2018 Other information At the end of January, Packing Inc had $2,000 of office supplies on hand Monthly depreciation for the Furniture Fixtures is $500, and monthly depreciation for the computer equipment is $350 The note payable for $10,000 is a 5 year note that matures on December 31, 2022 The interest on the note is 6 and is payable annually on each December 31 st Packing Inc made their regularly scheduled interest payment of $600 on December 31, 2018 During the period January 26 January 31 employees earned an additional $4,000 which will be included in their February paycheck I need the income Statement and closing Trial Balance please

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Posted on Jul 28, 2024

Packing Inc.s transactions during January 2019:

Jan. 1 - Issued 7,500 shares of no-par common stock for $10 per share.
Jan. 1 - Purchased a machine for $48,000. Monthly depreciation for the machine is $800.
Jan. 6 - Purchased office supplies on account for $6,000.
Jan. 10 - Performed repairs and maintenance on their computer equipment costing $3,500.
Jan. 12 - Purchased inventory for $50,000.
Jan. 15 - Declared and paid $1,500 in dividends to its shareholders.
Jan. 20 - Paid $6,000 for the supplies purchased on January 6.
Jan. 25 - Provided services for which a customer had paid $5,000 in December of 2018 (hint: see the deferred revenue account in the January 1, 2019 trial balance).
Jan. 31 - Paid its employees $25,000 for work performed from December 26 January 25. $3,800 was for work performed in December 2018, and 21,200 was for work performed from January 1 January 25, 2019.
Collected $145,000 in accounts receivable.
Made credit sales for $180,000. The cost of the goods sold was $90,000.
Paid $35,000 to its suppliers for inventory purchased on credit in December 2018

Other information:

At the end of January, Packing Inc. had $2,000 of office supplies on hand.
Monthly depreciation for the Furniture & Fixtures is $500, and monthly depreciation for the computer equipment is $350.
The note payable for $10,000 is a 5-year note that matures on December 31, 2022. The interest on the note is 6% and is payable annually on each December 31^st. Packing Inc. made their regularly scheduled interest payment of $600 on December 31, 2018.
During the period January 26 January 31 employees earned an additional $4,000 which will be included in their February paycheck.

I need the income Statement and closing Trial Balance please