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Fireflies Limited began retail operations on January 1, 2010. On that date, it issued 10,000...

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Accounting

Fireflies Limited began retail operations on January 1, 2010. On that date, it issued 10,000 shares of $1 par value common stock for $50,000. On January 1, 2010, Fireflies also borrowed $20,000 from local bank. The loan will be due in three years, with 8% interest rate. Fireflies pays interests every quarter. On January 31, Fireflies used $36,000 of the proceeds to rent a store, paying in advance for the next one year. Fireflies also purchased $12,000 of merchandise on credit, agreeing to pay the supplier within 30 days. Prepare, in good format, Fireflies balance sheet as of January 31, 2010.

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