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Prepare financial statements at end of the month feb29 2008

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Reference no: EM13614285

February 1, 2008 Syrena Shirley Transactions:

a. received 4 shareholders contributions totaling $16,000 cashto form the corporation; issued stock

b. paid three months rent for the store at $1800 per month(recorded as prepaid expense)

c. purchase supplies for $900 cash

d. purchase and received candy for $5000 on account due in 60days

e. negotiated and signed a two year $20000 loan at thebank

f. used the money from e to purcase a computer fr $3500 forrecordkeeping and inventory tracking and the balance fr furnitureand fixtures for the store

g. place a grand opening advertisement in the local paper for$625 cash

h. made sales n valentines day totaling $5800; $4925 was incash and the rest on accounts receivable.The cost of the candy sldwas 3000

i. made a $500 payment on accounts payable

j. incurred and paid employee wages of $1420 k. collected accounts recivable f $250 from customers l. made a repair to one of the display cases for $315 m. made cash sales of $3000 during rest of the month. the costof the candy sold was $1700

Required:::

1. prepare financial statements at end of the month feb29, 2008 ( a leap year) (income statement, statement of retainedearnings and balance sheeet?

2. Opinions of result of operations during first month of business.

Reference no: EM13614285

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