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Always Stylish has opened a new store in Iqaluit, investing $90,000 in cash in return...

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Accounting

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Always Stylish has opened a new store in Iqaluit, investing $90,000 in cash in return for common shares of the new company that will operate the store. Kathy Hubert is the store's manager. During the first week of operations, Hubert signed a note payable to purchase land for $42,000 and a building for $128,000. The store also paid $40,000 for store fixtures and $45,000 for inventory to use in the business. All these were paid for in cash. Always Stylish's head office requires store managers to provide a weekly report that summarizes and discusses the details of the store's financial position and how it has changed since the previous report. Kathy has asked for your help with this request. Prepare the report for the head office (assume all events above took place in the first week of operations). Include the store's balance sheet as the final part of your memo. Complete the memo. To: Head Office From: Store Manager During the first week, I borrowed $ on a I used the store's beginning cash plus the borrowed money to purchase land, store fixtures, and inventory. After all these transactions, the store's balance sheet appears as follows

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