Please help me create a summary report for the below financial statements. Thank you!

Introduction

[In this section, include the purpose of the report. Describe the kind of information these financial statements provide to various aspects of the business.]

Process

[In this section you will discuss the process you used to generate accurate financial statement results for the business owner from the list of business transactions provided. Explain what is being communicated through each of the financial statements you prepared (income statement, statement of equity and balance sheet) and how this information will be used in business decision making and planning.]

Financial Statement Analysis

[This section should center on your analysis of the financial performance of the company based on the statements you prepared. Discuss key points on your observations of results: Is the company operating profitably (what percent of revenues result in profitet income)? How well poised are they to meet liabilities (discuss liquidity and current ratio)?.]

Internal Controls

[Provide suggestions for a simple system of internal controls to assist the owners in protecting assets and ensuring accuracy in financial data. Consider additional controls that will support the potential for adding merchandise and additional assets with business growth/expansion.]

Looking to the Future

[In response to the owners request for additional information and support for future growth, discuss accounting considerations associated with the acquisition of additional long term/fixed assets, and the addition of merchandise inventory. How will the company account for the costs of long-term assets? How will the method of depreciation be determined? (Expand on 2 different methods of depreciation to demonstrate ideal application). How does accounting change with the addition of merchandise inventory? How will it be determined which inventory costing method to apply? (Discuss how the FIFO, LIFO, and Average methods differ and provide examples of the types of merchandising scenarios that would be ideally applicable in each case.)]

The following events occurred in June:

June 1: Owner contributed $50,000 in cash to the business.

June 1: Owner purchased a company vehicle in the amount of $15,000.

June 3: Owner took out a small business loan in the amount of $25,000.

June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at $1,195 per month.

June 5: Owner paid business license fees in the amount of $250 to the county.

June 5: Owner ordered office supplies, on account, in the amount of $750.00.

June 6: Owner performed service for client on account in the amount of $1,000.

June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due.

June 10: Owner paid $250 in advertising costs to the local paper.

June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20.

June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month.

June 20: Owner paid wages due to part-time employee from period ending June 15.

June 21: Owner paid for plumbing repairs in the office in the amount of $210.

June 22: Owner withdrew $1,000 cash for personal use.

June 23: Customer paid balance due from June 6 service in the amount of $1,000.

June 25: Owner provided service to client in the amount of $800. Client paid at time of service.

June 28: Owner paid balance due for office supplies purchase on June 5.

June 29: Owner performed service for client on account in the amount of $2,225.00.

June 30: Owner received telephone bill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July.

June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5.

June 30: Record depreciation on vehicle at $250.

the owners are requesting that you provide them with some suggestions on simple internal controls they can integrate to ensure protection of company assets, and accuracy in the company's financial data. The owners are also considering acquiring more long-term/fixed assets, such as vehicles, equipment, buildings, and so on. They would like your input on the different options available for depreciation of these costs. Adding sales of product is also a consideration for expansion. The owners want to know what accounting considerations will be involved with this change.

Summary: Write a summary of what the financial statements indicate about the companys financial health and performance.

Purpose: Discuss the accounting process and the resulting financial statements as they relate to meeting the informational needs of the user.

Process: Explain the process used to produce accurate account balances and financial statements from the individual transaction data.

Consider what is being communicated through each of the financial statements you prepared (income statement, statement of equity and balance sheet) and how this information will be used in business decision making and planning.

Analysis: Explain the companys cash position, its net income as a percentage of sales, and its current liabilities to current assets position.

Results: Discuss the results regarding profitability of the first month of operations.

Consider how well the company is positioned to meet current liabilities.

Be sure to include the percentage of revenues that result in profitet income and the current ratio when discussing profitability and liquidity based on the recorded months results.

Consider key points in your observations of results: is the company operating profitably (what percent of revenues result in profitet income)? How well-poised are they to meet liabilities (discuss liquidity and current ratio)?

Recommendations: Recommend a simple system of controls that can be implemented to ensure protection of company assets and the accuracy and integrity of their financial data as they anticipate further growth.

Consider additional controls that will support the potential for adding merchandise and additional assets with business growth/expansion.

Asset Valuation: Discuss the treatment of current and long-term assets on the balance sheet.

Discuss at least two different methods of depreciation. Consider how the methods of depreciation will be determined.

Discuss how LIFO, FIFO, and average methods will differ and provide examples of types of applicable merchandising.

Consider how accounting will change with the addition of merchandise inventory.

A Company Income Statement For Month ending 06/30/20XX Revenues \begin{tabular}{|c|c|} \hline Services Revenue & $5,525.00 \\ \hline Total Revenues & \\ \hline \end{tabular} \begin{tabular}{|l|lr|} \hline Operating Expenses: & \multicolumn{1}{l|}{} \\ \hline Rent Expense & $ & 1,195.00 \\ \hline Business License Expense & $ & 250.00 \\ \hline Telephone Expense & $ & 2155.00 \\ \hline Repairs and Maintenance Expense & $ & 250.00 \\ \hline Advertising Expense & $ & 650.00 \\ \hline Wages Expense & $ & 250.00 \\ \hline Depreciation Expense & \multicolumn{2}{|l|}{} \\ \hline & \multicolumn{2}{|l}{} \\ \hline & 2,960.00 \\ \hline Total Operating Expenses: & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline 0008Z0LL & 0008ZOLL & 10701 & \\ \hline \multirow{2}{*}{0005z} & & & unr-oe \\ \hline & 00052 & & unt-os \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00 sz } & & ZOZ qEKed sa8EM & uni-oe \\ \hline & 00 sz8 & & unf-os \\ \hline \multirow{3}{*}{ OOSSI } & & & \\ \hline & & ZOZ qeked squnosty & unr-oe \\ \hline & 00551 & & uns-oe \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00szzz} & & & uni-62 \\ \hline & 00szzz & & unr -62 \\ \hline & & & \\ \hline \multirow[t]{2}{*}{0005L} & & TOT sE & unt-82 \\ \hline & 00052 & PlqeXed squnozyy & unt-8z \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00008} & & & unr-sz \\ \hline & 00008 & I0I 458 & unr-sz \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00000T} & & & unt-Ez \\ \hline & 00000I & TOt 45e0 & unf-8z \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00000T} & & TOT 4585 & unr-zz \\ \hline & 00000I & 208 smejo jaumo & unr-zz \\ \hline \multirow{3}{*}{000z} & & & \\ \hline & & Tot 4se & unf-tz \\ \hline & & & unr-tz \\ \hline & & & \\ \hline \multirow[t]{2}{*}{0028} & & & uer-oz \\ \hline & 00528 & 0Z qEed 5%8eM & uni-oz \\ \hline \multirow[t]{2}{*}{0005} & & TOT 45ej & Unr-SI \\ \hline & 0005L & bot asueinsul piedasd & unr-st \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00$2} & & qRKed SERM & UnI-SI \\ \hline & & 5UdX] so8:eM & unr-st \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00052} & & TOT 4se & unt-ot \\ \hline & 00052 & & uni-ot \\ \hline \end{tabular} A Company General Journal Entries \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline 1-Jun & Cash 101 & 50,000.00 & \\ \hline 1-Jun & Owners Capital 301 & & 50,000.00 \\ \hline 1-Jun & Vehicle 106 & 15,000.00 & \\ \hline 1-Jun & Cash 101 & & 15,000.00 \\ \hline 3-Jun & Cash 101 & 25,000.00 & \\ \hline 3-Jun & Notes Payable 201 & & 25,000.00 \\ \hline 5-Jun & Rent Expense 501 & 1,195.00 & \\ \hline 5-Jun & Prepaid Rent 103 & 7,170.00 & \\ \hline 5-Jun & Cash 101 & & 8,365.00 \\ \hline 5-Jun & Business License Expense 502 & 250.00 & \\ \hline 5-Jun & Cash 101 & & 250.00 \\ \hline 5-Jun & Office Supplies 105 & 750.00 & \\ \hline 5-Jun & Accounts Payable 202 & & 750.00 \\ \hline 6-Jun & Accounts Receivable & 1,000.00 & \\ \hline 6-Jun & Services Revenue & & 1,000.00 \\ \hline 9-Jun & Cash & 750.00 & \\ \hline 9-Jun & Accounts Receivable & 750.00 & \\ \hline 9-Jun & Services Revenue & & 1,500.00 \\ \hline \end{tabular} A Company Balance Sheet As of June 30,20X \begin{tabular}{|l|r|} \hline Assets \\ \hline Current Assets: \\ \hline Cash & 50,650.00 \\ \hline Accounts Receivable & 2,975.00 \\ \hline Prepaid Rent & 7,170.00 \\ \hline Prepaid Insurance & 750.00 \\ \hline Office Supplies & 750.00 \\ \hline Total Current Assets & 62,295.00 \\ \hline \end{tabular} Non-Current Assets: \begin{tabular}{|l|r|} \hline Vehicle & 15,000.00 \\ \hline Accumulated Depriciation & (250.00) \\ \hline Total Non Current/Fixed Assets & 14,750.00 \\ \hline \end{tabular} Total Assets: Liabilities and Owners' Equity Current Liabilities: \begin{tabular}{|l|r|} \hline Wages Payable & 325.00 \\ \hline Accounts Payable & 155.00 \\ \hline Total Current Liabilities & 480.00 \\ \hline \end{tabular} Long Term Liabilities: Notes Payable \begin{tabular}{l|r} \hline Total Long Term Liabilities: & 25,000.00 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Total Liabilities: & 25,480.00 \\ \hline \end{tabular} Owner's Equity \begin{tabular}{|l|l|} \hline Stockholder's Equity & 51,565.00 \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Total Equity & 51,565.00 \\ \hline \end{tabular} Total Liabilities \& Equity 77,045.00 A Company Income Statement For Month ending 06/30/20XX Revenues \begin{tabular}{|c|c|} \hline Services Revenue & $5,525.00 \\ \hline Total Revenues & \\ \hline \end{tabular} \begin{tabular}{|l|lr|} \hline Operating Expenses: & \multicolumn{1}{l|}{} \\ \hline Rent Expense & $ & 1,195.00 \\ \hline Business License Expense & $ & 250.00 \\ \hline Telephone Expense & $ & 2155.00 \\ \hline Repairs and Maintenance Expense & $ & 250.00 \\ \hline Advertising Expense & $ & 650.00 \\ \hline Wages Expense & $ & 250.00 \\ \hline Depreciation Expense & \multicolumn{2}{|l|}{} \\ \hline & \multicolumn{2}{|l}{} \\ \hline & 2,960.00 \\ \hline Total Operating Expenses: & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline 0008Z0LL & 0008ZOLL & 10701 & \\ \hline \multirow{2}{*}{0005z} & & & unr-oe \\ \hline & 00052 & & unt-os \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00 sz } & & ZOZ qEKed sa8EM & uni-oe \\ \hline & 00 sz8 & & unf-os \\ \hline \multirow{3}{*}{ OOSSI } & & & \\ \hline & & ZOZ qeked squnosty & unr-oe \\ \hline & 00551 & & uns-oe \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00szzz} & & & uni-62 \\ \hline & 00szzz & & unr -62 \\ \hline & & & \\ \hline \multirow[t]{2}{*}{0005L} & & TOT sE & unt-82 \\ \hline & 00052 & PlqeXed squnozyy & unt-8z \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00008} & & & unr-sz \\ \hline & 00008 & I0I 458 & unr-sz \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00000T} & & & unt-Ez \\ \hline & 00000I & TOt 45e0 & unf-8z \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00000T} & & TOT 4585 & unr-zz \\ \hline & 00000I & 208 smejo jaumo & unr-zz \\ \hline \multirow{3}{*}{000z} & & & \\ \hline & & Tot 4se & unf-tz \\ \hline & & & unr-tz \\ \hline & & & \\ \hline \multirow[t]{2}{*}{0028} & & & uer-oz \\ \hline & 00528 & 0Z qEed 5%8eM & uni-oz \\ \hline \multirow[t]{2}{*}{0005} & & TOT 45ej & Unr-SI \\ \hline & 0005L & bot asueinsul piedasd & unr-st \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00$2} & & qRKed SERM & UnI-SI \\ \hline & & 5UdX] so8:eM & unr-st \\ \hline & & & \\ \hline \multirow[t]{2}{*}{00052} & & TOT 4se & unt-ot \\ \hline & 00052 & & uni-ot \\ \hline \end{tabular} A Company General Journal Entries \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline 1-Jun & Cash 101 & 50,000.00 & \\ \hline 1-Jun & Owners Capital 301 & & 50,000.00 \\ \hline 1-Jun & Vehicle 106 & 15,000.00 & \\ \hline 1-Jun & Cash 101 & & 15,000.00 \\ \hline 3-Jun & Cash 101 & 25,000.00 & \\ \hline 3-Jun & Notes Payable 201 & & 25,000.00 \\ \hline 5-Jun & Rent Expense 501 & 1,195.00 & \\ \hline 5-Jun & Prepaid Rent 103 & 7,170.00 & \\ \hline 5-Jun & Cash 101 & & 8,365.00 \\ \hline 5-Jun & Business License Expense 502 & 250.00 & \\ \hline 5-Jun & Cash 101 & & 250.00 \\ \hline 5-Jun & Office Supplies 105 & 750.00 & \\ \hline 5-Jun & Accounts Payable 202 & & 750.00 \\ \hline 6-Jun & Accounts Receivable & 1,000.00 & \\ \hline 6-Jun & Services Revenue & & 1,000.00 \\ \hline 9-Jun & Cash & 750.00 & \\ \hline 9-Jun & Accounts Receivable & 750.00 & \\ \hline 9-Jun & Services Revenue & & 1,500.00 \\ \hline \end{tabular} A Company Balance Sheet As of June 30,20X \begin{tabular}{|l|r|} \hline Assets \\ \hline Current Assets: \\ \hline Cash & 50,650.00 \\ \hline Accounts Receivable & 2,975.00 \\ \hline Prepaid Rent & 7,170.00 \\ \hline Prepaid Insurance & 750.00 \\ \hline Office Supplies & 750.00 \\ \hline Total Current Assets & 62,295.00 \\ \hline \end{tabular} Non-Current Assets: \begin{tabular}{|l|r|} \hline Vehicle & 15,000.00 \\ \hline Accumulated Depriciation & (250.00) \\ \hline Total Non Current/Fixed Assets & 14,750.00 \\ \hline \end{tabular} Total Assets: Liabilities and Owners' Equity Current Liabilities: \begin{tabular}{|l|r|} \hline Wages Payable & 325.00 \\ \hline Accounts Payable & 155.00 \\ \hline Total Current Liabilities & 480.00 \\ \hline \end{tabular} Long Term Liabilities: Notes Payable \begin{tabular}{l|r} \hline Total Long Term Liabilities: & 25,000.00 \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Total Liabilities: & 25,480.00 \\ \hline \end{tabular} Owner's Equity \begin{tabular}{|l|l|} \hline Stockholder's Equity & 51,565.00 \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Total Equity & 51,565.00 \\ \hline \end{tabular} Total Liabilities \& Equity 77,045.00