Reference no: EM13745842
A new company started business Feb 1 by issuing $350,000 of stock to investors. During Feb, $370,000 of services was provided to customers. At Feb 31, $83,200 of this amount had not been received in cash. Also at Fen 31, $47,600 of supplies were on hand, $159,600 of cash was in the checking account, $48,000 was owed to the bank, the unpaid interest owed on the load was $400, a utility bill for $6,500 was unpaid, and $28,600 was stilled owed for supplies. The total amount of supplies utilities, interest, salaries, and rent used to earn reeves during Feb was $223,100. During the month a new office building was purchased for $290,000.
Part 1: Create a income statement for this month. Part 2: create the balance sheet.
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