You are the founder of BET-Unicorn Inc and just completed the first year of operation ended June 30, 2021 (Companys fiscal year is from July 1, 2020 to June 30, 2021). As an early-stage start-up, you dont have the luxury to hire a full-time accountant, as a result, you decided to put the valuable accounting skills that you learned from the MBET program at test. Following are a list of transactions that have occurred in the first year of operation for BET-Unicorn. The companys policy is to recognize revenues when sales occur and the product has been successfully delivered to the customer. All amounts in CAD.

1. On July 1, 2020, you contributed $1,000,000 in exchange for 10,000 shares of common stock. The full amount is deposited in cash. 2. On July 1, 2020, BET-Unicorn rented an office building for $10,000 a month. The landlord requires the rent to be paid up front for each month and also requires a last month deposit. Therefore, a total of $130,000 were paid in Cash as of June 30, 2021. 3. On July 1, 2020, BET-Unicorn bought inventories on account from ABC for $400,000 for a total of 1,000 units. 4. On July 1, 2020, BET-Unicorn purchased computers (office equipment) for $12,000, fully paid in cash. Straight-line depreciation method is applied and the computers have a useful life of 3 years. 5. On July 31, 2020, BET-Unicorn spent $20,000 in advertising, which has been paid in cash. 6. On August 1, 2020, BET-Unicorn sold 250 units of its inventories to Customer A for a total of $250,000 (fully delivered, revenue can be recognized). Customer A paid $200,000 via cheque which is deposited in the cash account and the remaining to be paid within 30 days. 7. On August 1, 2020, BET-Unicorn paid ABC $400,000 in cash. 8. On October 31, 2020, BET-Unicorn did not receive the remaining payment from Customer A after 90 days and had to write off the receivable amount. 9. On June 1, 2021, BET-Unicorn sold another 500 units of its inventories to Customer B for a total of $500,000, which 80% was received in cash and 20% on account to be paid in August 2021. Only 300 units were delivered to Customer B by end of June 30, 2021 (i.e., only revenue associated with the 300 units can be recognized, remaining 200 units cannot be recognized as revenue until they are delivered). 10. On June 30, 2021, BET-Unicorn purchased XYZ Solution Inc for $300,000 in cash settlement. XYZs net asset value was $200,000. 11. On June 30, 2021, BET-Unicorn paid your annual salary of $50,000 in cash. 12. On June 30, 2021, BET-Unicorn declared and paid out a dividend of $0.1 per share in cash. 13. On June 30, 2021, BET-Unicorn owes the government income taxes. As a CCPC (Canadian-controlled private corporations) located in Ontario, BET- Unicorns tax rate is 3.5% on total income before taxes (operating income+gain/losses+other income). The income tax owed is to be paid in the future.

Requirements

Please create the following financial statements for BET-Unicorn for the July 1, 2020 June 30, 2021 year in Excel. 1. Income Statement 2. Balance Sheet 3. Direct Cash Flow Statement 4. Indirect Cash Flow Statement