Reference no: EM132903857

Question - Make a multistep income statement out of the following transactions.

1) Jan-1 The JW-Corp Received $101,000 from Investors in Exchange for 6,000 shares of Common Stock.

2) Jan-2 JW-Corp Borrowed $150,000 from SCHWAB BANK and signed a Note Due in 24 months.

3) Jan-3 JW Corp purchased Office Equipment worth $120,000 (5 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target-Corp within 9 Months.

4) Jan-4 JW Corp purchased an Office Building for $600,000 (25 year life), by making a Down payment of $60,000 and then signed a Note for the remainder Due in 18 Months to CHASE Bank.

5) Jan-5 JW Corp paid $15,000 with a check for Office Rent for the next 3 months.

6) Jan-10 JW Corp paid $4,000 with a check for Business Insurance for this month.

7) Jan-11 JW Corp provided CPA Services to the Gavilan Corp worth $175,000 and Collected $85,000 Cash and Billed them the remainder on Account.

8) Jan-15 JW-Corp received This Month's Utility Bill from PGE for $3,000 to be paid Later.

9) Jan-16 JW-Corp received This Month's Telephone Bill from Skype for $200 to be paid Later.

10) Jan-17 JW-Corp received a $10,000 check from Gavilan Corp on Account.

11) Jan-20 JW-Corp received a BILL for $15,000 for Legal Fees used this month to be Paid Later.

12) Jan-23 JW-Corp paid $11,000 with Checks for this Month's Salaries expenses.

13) Jan-24 JW-Corp Received a $13,000 check from Gavilan Corp on Account.

14) Jan-25 JW-Corp received a $27,000 check from Garlic-Corp for Services to be Provided Later.

15) Jan-26 JW-Corp Paid Target $33,000 with a Check towards the Equipment from Transaction #3.

16) Jan-27 JW Corp Wrote a Check to Skype for the Full Amount Due on account for the Telephone Bill from #9.

17) Jan-28 JW Corp Paid $4.20 Cents per Share to the Owners of the Business with Checks.

18) Jan-29 JW-Corp paid $9,000 with a Check on the Note Payable from Transaction #2, $2,800 was for Interest Expense, and the remainder reduced the Note Payable.

19) Jan-31 JW-Corp recorded one Month of RENT Expense from the Prepaid Account.

20) Jan-31 JW-Corp recorded one Month of Depreciation Expense on The Office Equipment Using the Straight Line Depreciation Method.

21) Jan-31 The JW Corp recorded one Month of Depreciation Expense on the Office Building using the Straight Line Depreciation Method.

22) Jan-31 the JW-Corp Recorded the Income Tax Payable for the Month, which is 34.00% of Net Income.