Mars Wax Bruno Mars previously worked for a candle maker, earning $45,000 per year. He thought he could make more money on his own, so he decided to open his own company, as of January 1,2018 Therefore, he opened Mars Wax. Mars Wax offered one specialty candle for sale and he allowed customers to pay with cash or on credit. Credit sales are due within 30 days To get started, Bruno invested $70,000 cash into the business in exchange for common stock in his business. As CEO of Mars Wax, Bruno then went on to make the following purchases Candles from manufacturer - $23,010 (885 candles for $20 each) Candle packing machine, will last for 22 years, - $22,000 * Once all of the necessary equipment and inventory was purchased, Bruno rented a building for his production and office space, at a cost of $500 per month (which he inhabited every month of the yeat At the end of the fiscal year, Mars Wax had received $26,000 in cash from customers and was owed another $4,800, from candle sales. Additionally, the general ledger showed payment for the following other items Four Commercials that played during the year - $1,500 Wages for part-time assistant - $8,000 Insurance (two-year policy - purchased at beginning of fiscal year) - $4,200 Utilities - $2,000 * At the end of the current year, there was $4,400 left in inventory purchased from the manufacturer hat was Mars Wax's net income in the first year of operations