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In this assignment, we are going to assume that you incorporated a company named ABC Limited on January 1, 2023. The company has operated for the one-month period ending January 31, 2023. The column headings in the synoptic are to be set up as follows: Date . . . Description Cash followed by each statement of financial position account. Dividends Sales revenue followed by each statement of income account. The following occurs during the month of January 2023: Jan 1 Issued common shares Received a loan from a friend that is due in 3 years Jan 1 Jan 1 Jan 1 Jan 1 Jan 4 Jan 7 Jan 7 Jan 10. Jan 15 Jan 17 Jan 18 Jan 27 Jan 28 Jan 29 Jan 29 Jan 30 Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Paid a 6-month insurance policy in advance Bought furniture on credit Bought computers on credit Performed a service for customer #1 on credit Collected half of the amount owed from customer #1 Received a deposit from customer #2 Paid cash for supplies Performed services for customer #2 equal to the deposit Received a deposit from customer #3 Paid for the furniture Work for customer #3 complete but worth in total Paid for half of the computers Paid a dividend Received a deposit from customer #4 Paid wages for the month The company did not receive the January utility bill but estimated it at One third of the supplies are on hand Interest on the loan is 6% payable at end of year The computers have a 3-year life. The furniture has a 10-year life Some of the benefits relating to insurance have expired The company has not paid any income tax and the income tax rate is Amount 48,000 60,000 14,400 57,600 43,200 9,000 25,200 3,600 24,000 42,000 4,800 4,200 42,000 4,800 20% Upload your answer (one per team) to D2L. Have a cover page on sheet 1 with your team number, the names of each member of the team below the following statement indicating your agreement with this statement: We verify that this formal report is the work of my team only and we have not copied it in whole or in part from another source. We have not and will not lend this report (electronic or hardcopy) to any other student, either now or in the future. Please put the synoptic on sheet 2 followed by properly formatted financial statements on sheet 3 that include a multi-step statement of income, statement of changes in equity, and the statement of financial position. These statements must have the most detail possible including the use of contra accounts for each type of depreciable asset. Reference the amounts on these statements from the synoptic or other amounts from other financial statements.

In this assignment, we are going to assume that you incorporated a company named ABC Limited on January 1, 2023. The company has operated for the one-month period ending January 31, 2023. The column headings in the synoptic are to be set up as follows: - Date - Description - Cash followed by each statement of financial position account. - Dividends - Sales revenue followed by each statement of income account. Upload your answer (one per team) to D2L. Have a cover page on sheet 1 with your team number, the names of each member of the team below the following statement indicating your agreement with this statement: We verify that this formal report is the work of my team only and we have not copied it in whole or in part from another source. We have not and will not lend this report (electronic or hardcopy) to any other student, cither now or in the future. Please put the synoptic on sheet 2 followed by properly formatted financial statements on sheet 3 that include a multi-step statement of income, statement of changes in equity, and the statement of financial position. These statements must have the most detail possible including the use of contru accounts for each type of depreciable asset. Reference the amounts on these statements from the synoptic or other amounts from other financial statements

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