Song Ha IT Company SIT
The following are transactions that occurred in Feb the first month the business was established. Assuming all transactions are in cash, except for other notes.
Ms Song Ha started a business, set up SIT Company, contributed her capital into the company $
SIT has borrowed from Technical Development Bank TDB $ on Feb with interest rate of year principals will be onetime repayment on Feb since interest must paid in cash monthly.
Total sales revenue of services in is $ of which is owed by customers; The total costs is $ of which SIT owes the supplier Corporate income tax will be paid monthly by tax rate of
The net profitincome for the month is divided to the owner $
Required:
Prepare the basic financial statements for February :
Q Income statement to IS
Q Balance sheet at BS
Q Cash flow statement CFS by direct method.
Q Cash flow from operating activity, by indirect method.
