lifa1.lyryx.com ZJan commissions eamed 600 Question 8 [30 points] Bert Zimm started Star Inc. early this year For the first few months of the company's life (through November) the accounting records were maintained by an outside bookkeeping service According to those records, the share capital balance was $67,000 as of Nov 30. To save on expenses Bert decided to keep the records himself He managed to record December's transactions properly, but was a bit rusty when the time came to prepare the financial statements His first versions of the balance sheet and income statement fo Star Inc Income Statement For Month Ended December 31, 2014 Revenues Issuance of shares. 33,000 Commissions Eamed 81,000 Unesmed Revenue 36,000 Interest Eamed 37,000 Total revenues 187,000 Expenses Retained Earnings 178.000 Interest Expense 23,000 Store Supplies Expense 93,500 Accounts Receivable 102,000 Total expenses 396.500 Net loss 209,500 Starino Balance Sheet December 31, 2014 Assets Liabilities Furniture 121,000 Consulting Revenue Eamed 61.000 Utilities Expense 66,500 Accounts Payable 48.000 Building 230,000 Interest Payable 11,000 Short-Term Notes Payable 94.000 Total liabilities 110.000 Equity Share Capital. 401.600 Total assets 511,500 Total ilabilities and equity 611.500 Using the information contained in the original financial statements, prepare revised statements, including a statement of changes in equity, for the month of December