Prepare the following January financial statements:

a) Income Statement for the month ended 31 January

b) Statement of Equity for the month ended 31 January

c) 31 January Balance Sheet

d) Statement of Cash Flows for the month ended January 31

e) Recording the January closing transactions in the General Gazette and sending them to the General Ledger.

f) To prepare trial balance after closing as of 31 January.

Furnace Operations
1 January	He performed car repair services and received $4,990 in cash at the time of sale.
2-January	Last year, $1,170 was paid for car parts purchased into the account.
January 4	$3,190 in wages and salaries paid, some of which accrued in December.
January 10	He paid the electricity bill accrued as utilities payable in December.
January 16	Cash collected from credit sales last year is $3,050.
January 20	He bought $4,000 of equipment, paid $2,000 in cash, and issued a $2,000 promissory note.
January 22	Performed car repair services at $4,860 account.
January 27	The company paid its owners a dividend of $400.
Cooker Adjustment Inputs
31-Oca	Estimated depreciation on building and equipment is $700.
31-Oca	One month's lease expired, $1,000.
31-Oca	The annual interest rate is 4% on all promissory notes and is paid quarterly. It was last paid on 31 December of the previous year. Round to the nearest dollar.
31-Oca	The remaining rations at the end of the month were $675.
31-Oca	Accrued wages and salaries 2-4 worked January will be paid $1,940.
31-Oca	Estimated income tax for the month is $1,100.

	Thunderduck Car Repair
	Closing trial balance
	31 December 2XX1
	debt	Credit
in advance	6.800
Accounts receivable	3.150
Supply	990
prepaid rental	1.000
Bina	87.000
Equipment	105.000
accumulated depreciation		41.200
Accounts payable		6.460
Public services payable		750
Salary and wages payable		2.820
income tax payable		8.240
Notes payable		28.500
stock		88.200
Retained earnings		27.770
Total	203.940	203.940

Answer rating: 100% (QA)

A Income Statement for the Month Ended 31 January Sales Cash Sales4990 Credit Sales4860 Total Sales 4990 4860 9850 Expenses Car Parts1170 Wages and Salaries3190 Electricity Bill1000 Equipment Purchase4000 Depreciation700 Lease Expense1000 Interest Expense 4 on Notes 28500 4 4 71 Income Tax Expense1100 Net Income Total Sales Total Expenses Net Income 9850 12231 Net Income 2381 Furnace Operations Income Statement For the Month Ended 31 January 2XX2 Sales Cash Sales 4990 Credit Sales 4860 Total Sales 9850 Expenses Car Parts 1170 Wages and Salaries 3190 Electricity Bill 1000 Accrued in December Equipment Purchase ... View the full answer