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Cash Basis Prepare GHI's Income Statement from the data above. (Cash Method) ...

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Accounting

Cash Basis
Prepare GHI's Income Statement from the data above. (Cash Method)
Prepare a Statement of Retained Earnings from the data above. (Cash Method)
Prepare a Balance Sheet for GHI Co. from the above data. (Cash Method)
GHI Co. had the following transactions during the month:
a. shareholder deposits $50,000 into GHI Co.'s bank account in exchange for common stock
b. GHI Co. received $5,000 from customers for sales; services have been provided
c. GHI Co. received $2,500 from customers for sales; services have not been provided
d. GHI Co. paid monthly expenses; $2,000 for rent and $1,000 for wages
e. GHI Co. paid dividends of $500
f. GHI Co. had sales to customers on account (credt) $5,000; no cash was paid and customers will be billed
g. customers from transaction (f) received their bill and paid GHI $1,000
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