What is the income statement and balance sheet

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Reference no: EM132399084

Assignment

Period Jun to Dec

Owner started new business in Jun with contribution of $2000

Owner borrowed $1000 payable after 3 years, interest payable $10 per month

5 interest payments made so far

Commissioned webpage on Aug, paid $1500. Shelf life 3 years.

$20 payable per month support costs from Aug

Received credit sales $1324.80 after 8% discount

Received invoiced sales of $2400

Total cash received from customers - $3275

Sales support staff from Sep - payable $75 monthly. Paid for 2 months. Dec payable outstanding.

$80 payable per month for advertising from Nov. Nov paid.

Ordered stock for 150 units at $60. Returned 20 spoilt units and received credit

Ordered stock 200 units at $65

In Nov, balance stock 15 units (5 missing stock)

Ordered 100 units at $70

Final balance stock - 40 units

Total paid to supplier - $22,000

Owner drew $3,00 cash in May for personal use

What is the income statement, balance sheet and cash flow statement?

Reference no: EM132399084

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