Opening Balance Sheet, January $31,2024$

Assets

Cash

$22,500$

Accounts receivable

$172,800$

Inventory $-$ Raw Materials

$176,400$

Inventory $-$ Finished Goods

$267,515$

PP&E

$254,000$

Accumulated depreciation

$(71,000)$

$183,000$

TOTAL ASSETS

$$822,215$

Liabilities and Equity

Bank loan

$-$

Accounts payable, purchases

$115,500$

Dividends payable

$10,000$

Capital stock, no par

$150,000$

Retained earnings

$546,715$

TOTAL LIABILITIES AND EQUITY

$$822,215$

Additional information on Cash in Bank Requirements and Financing $($Borrowing$)$

Management of BEAN TO BAR requires a minimum ending cash balance each month of $$22,000.$

Interest paid in March was $$1,017$; interest paid in April was $$638.$

Borrowings and repayments of principal must be in round $$1,000$ amounts.

The company wishes to use any excess cash to pay loans off as rapidly as possible. prepare income statement