Jason Kidd started a small merchandising business in 2016. The business experienced the following events during its first year of operation. Assume that Kidd uses the perpetual inventory system.
1. Acquired $30,000 cash from the issue of common stock.
2. Purchased inventory for $60,000 cash.
3. Sold inventory costing $48,000 for $82,000 cash.
a. Record the events in general journal format.
b. Post the entries to T-accounts.
c. Prepare an income statement for 2016 (use the multistep format).
d. What is the amount of total assets at the end of the period?