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Song Ha IT Company (SIT) The following are transactions that occurred in Feb...

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Accounting

Song Ha IT Company (SIT)
The following are transactions that occurred in Feb 2024, the first month the business was established. Assuming all transactions are in cash, except for other notes.
1. Ms. Song Ha started a business, set up SIT Company, contributed her capital into the company $ 5,000.
2. SIT has borrowed from Technical Development Bank (TDB) $ 3,000 on Feb 1,2024, with interest rate of 12%/year, principals will be one-time repayment on Feb 1,2025 since interest must paid in cash monthly.
3. Total sales revenue of services in 2/2024 is $ 1,500, of which 30% is owed by customers; The total costs is $ 1,200, of which SIT owes the supplier 25%. Corporate income tax will be paid monthly by tax rate of 20%.
4. The net profit/income for the month is divided to the owner $ 100.
Required:
Prepare the basic financial statements for February 2024:
Q2.1. Income statement to 29/02/2024(IS).
Q2.2. Balance sheet at 29/02/2024(BS)1.
Q2.3. Cash flow statement (CFS), by direct method.
Q2.4. Cash flow from operating activity, by indirect method.

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