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A recent KSOM grad (Grad) started a high-tech consulting business (Hi-Tec) on January 1, 2021. During the month if January, Hi-Tec had the following transactions: a) January 1: Issued common stock to friends and family for $100,000. b) January 1: Bought advertising in the Daily Scranton for $500 in cash (for the month of January). c) January 1: Paid $24,000 in cash for three months' rent on a storefront in downtown Scranton. d) January 1: Bought a very fancy computer system for $12,000 on account with payment due in 60 days. The computer system has an expected life of 2 years and will be worthless at the end of two years. e) January 12: Provided three hours of consulting time to a computer science undergrad for $300 in cash. f) January 23: Provided five hours of consulting time to a KSOM professor for $1,000 on account, with the $1,000 due within 30 days. g) January 24: Paid $4,000 to the company from which it bought the computer (see d) above), h) January 25: Received $200 in cash from the KSOM professor (see f) above) Grad did not focus on accounting while at KSOM, preferring to concentrate on entrepreneurship. However, the agreement with Grad's investors requires monthly income statements and balance sheets to be prepared on the accrual basis and sent to each of them. As a result, she reached out to you for assistance in preparing an income statement and balance sheet for the month ended January 2021. Please answer the following questions with respect to the two statements that you prepare for Grad to give to Hi-Tec's investors. a) How much cash was on Hi-Tec's balance sheet as of January 31, 2021? b) What were the total liabilities on Hi-Tec's balance sheet as of January 31, 2021? c) What were Hi-Tec's revenues for the month of January 2021? d) What were Hi-Tec's expenses for the month of January 2021? e) What were the total assets on Hi-Tec's balance sheet as of January 31, 2021? f) What was the total shareholders' equity on Hi-Tec's balance sheet as of January 31, 2021

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