When completing the transaction ledge, make sure to write the name of the account affected, the amount for the transaction, and if it is a positive or negative. Also, make sure to enter your answers into the correct row for that transaction and clearly label the specific account affected. Each transaction is worth 1 point. After recording your transactions, you will need to construct an income statement (6 points) and a balance sheet (6 points) based on the transactions below. One point will be rewarded for handwriting this exam portion. This portion of the exam is worth a total of 25 points. 1. Your initial start-up funds were raised by selling stock to your parents. You were able to raise $90,000 from this stock sale. 2. You were also able to persuade a local community bank to provide you a $30,000 loan at 12% interest. 3. To start operations, you had to purchase multiple baking ovens. In total you purchased 2 ovens at a total cost of $30,000. You expect these ovens to last on average for 3 years before needing replacement and do not expect be able to sell them at the end of their life (no salvage value). 4. In additional to the oven purchased, you had to purchase some other baking supplies totaling $9,000. This purchase was made on credit and won't be due for 45 days. When completing the transaction ledge, make sure to write the name of the account affected, the amount for the transaction, and if it is a positive or negative. Also, make sure to enter your answers into the correct row for that transaction and clearly label the specific account affected. Each transaction is worth 1 point. After recording your transactions, you will need to construct an income statement (6 points) and a balance sheet (6 points) based on the transactions below. One point will be rewarded for handwriting this exam portion. This portion of the exam is worth a total of 25 points. 1. Your initial start-up funds were raised by selling stock to your parents. You were able to raise $90,000 from this stock sale. 2. You were also able to persuade a local community bank to provide you a $30,000 loan at 12% interest. 3. To start operations, you had to purchase multiple baking ovens. In total you purchased 2 ovens at a total cost of $30,000. You expect these ovens to last on average for 3 years before needing replacement and do not expect be able to sell them at the end of their life (no salvage value). 4. In additional to the oven purchased, you had to purchase some other baking supplies totaling $9,000. This purchase was made on credit and won't be due for 45 days
