Prepare an income statement, statement of retained earnings, balance sheet and statement of cash flow using the following transactions for a new company.
A. Company is established with a cash investment of $100,000. b. Equipment of $60,000 is purchased, financed in part with long term debt of $30,000. c. Inventory is purchased for $60,000. d. Cash sales of $140,000 are generated. e. Cost of goods sold total $50,000. f. Salary expense is $40,000. g. Occupancy expense i