Reference no: EM132814007
Question - On December 31, 2020, Lucky Corp had the following account balances:
Cash -13,400
Retained earnings - 4,700
Common stock - 3,700
Note payable - 5,000
In January 2021, Lucky Corp made the following transactions:
1/2/2021 Purchases $20,000 of inventory on account
1/5/2021 Pays $2,300 for January advertising.
1/6/2021 Sells $8,000 worth of inventory for $12,000 cash.
1/7/2021 Sells $3,000 worth of inventory for $4,500 on account.
1/20/2021 Collects $1,100 of the 1/7/21 credit sales.
1/21/2021 Pays $9,000 of what it owes for inventory.
1/30/2021 Incurs and pays $250 of interest on note.
1/30/2021 Recognizes $175 of income tax expense.
Required - Prepare income statement and equity statement for the month of January, and a balance sheet for January 31.
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: On December 31, 2020, Lucky Corp had the following account balances: Cash -13,400. Prepare income statement and equity statement for the month
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