J. Low opened an Innovation Furniture shop on 01 October. During October, the following transactions of the

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Question:

J. Low opened an Innovation Furniture shop on 01 October. During October, the following transactions of the business took place. (Note GST is ignored).

1. The owner invested cash of $40,000 to start the business.

2. The shop borrowed $15,000 from the bank.

3. A 6-month shop supplies inventory (boxes, scissors, tape, glue gun, ribbon, etc.) was purchased for $3,000 cash.

4. Office equipment was purchased at the cost of $10,000 in cash.

5. Inventory of $25,000 was purchased, $10,000 cash was paid to the suppliers and the balance will be paid within 30 days.

6. During the first month, Sales totalled $50,000, of which $20,000 was sold on account. The cost of the goods sold totalled 50% of sales.

7. J. Low withdrew $2,000 for personal use.

Answer the following five (5) questions based on the above information

What is the Net income of Innovation Furniture Shop for October ($)?	Answer
What is the Cash balance on 31 October ($)?	Answer
What are the Total assets on 31 October ($)?	Answer
What are the Total liabilities on 31 October ($)?	Answer
What is the Owner's capital balance on 31 October ($)?	Answer