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Prepare financial statements I/S, Stmt of RE,B/S

March 1: Stockholder's invest $789,789 into the company in exchange for Billy Bob's Bikes common stock 1. March 1: Billy Bob paid in advance for a 6-mont paid $8,274 cash for the policy 2. h insurance policy, which will begin today. He March 1: Billy Bob purchased some land and a building for a total of $1.197,183 using cash and then borrowing the rest from the bank. Based on the total purchase price of the land was $276,543 and the building was the remainder. T over the next 16 years (1/16 of the principal will be paid off at the end of each year). The loan carries an interest rate of 9.22%. Interest accrued will be paid off at the end of every year. The building has an expected life of 40 years and will be depreciated using the straight-line method. 3. $1,197,183, he loan from the bank will be paid of March 2: Billy Bob purchased 15 bikes from Biker's Bargains. Each bike cost $2.960 and the credit terms are 4/15, n/30. (Note: Bikes are considered Inventory) 4. 5. March 2: Billy Bob paid FedEx $1,849 cash to ship the bikes he bought from Biker's Bargains 6. March 4: Billy Bob purchased $2.751 worth of supplies from Oliver's Office Supplies paying cash. 7. March 5: Billy Bob sold 9 bikes to Carl's Cars for $8,750 each with credit terms of 2/10, n/30. The total cost of the bikes was figured out to be $27,747. March 5: Carl's Cars paid DHL S1,107 cash to ship the bikes he just bought. March 7: Billy Bob hires Biker Betty for promotional purposes. He estimates her salary to be 8. 9. $10/hour. She will probably work 10 hours this month. 10. March 10: Billy Bob paid off the balance due from Biker's Bargains. 11. March 11: Carl's Cars paid his balance off for the bikes he purchased. 12. March 12: Billy Bob's pay period ends and he now owes his employees $4,444 in salaries. These salaries will be paid on March 17th 13. March 14: Billy Bob purchased 17 more bikes from Biker's Bargains. Each bike cost $3,050 and the credit terms are 4/10 EOM, n/50. 14. March 14: Billy Bob paid UPS $2,091 cash to ship the bikes he bought from Biker's Bargains. March 15: Billy Bob sold 12 bikes to Robbie Knievel for $9,150 each with credit terms of 3/10, n/30. The cost of the bikes was determined to be $37,536. 15. 16. March 15: Billy Bob paid FedEx $1,489 to ship the bikes to Robbie Knievel

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