Jasmine Worthy started a haircutting business called Expressions. The following events occurred during its first month of business.

Required
1. Show the effects of each transaction in a table like Exhibit 1.9.

Data from Exhibit 1.9

2. Prepare an income statement for December.
3. Prepare a statement of retained earnings for December.
4. Prepare a balance sheet as of December 31.
5. Prepare a statement of cash flows for December.
6. Determine the return on assets ratio for December.