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Company began operations in 2021
1) on June 1 company sold common stock to owners for $100,000
2) On July 1 company borrowed $17500 from the local bank on an 11 month 12% note payable
3) on august 1 company paid 20000 cash to purchase inventory
4) on september 1 compny purchased 1 year insurance policy costin 25000
During 2022
1) On April 1 company sold one half of the inventory tht was purchased on on august 1 for 6000 cash
2) on may the company paid its sotck holders a 22,000 dividend
3) on september 1 company paid 15000 to renew its insurance policy for another year
Problem 1: Calculate the total expenses reported on the company's 2022 income statement
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