87) Mia Hero started her own catering business called Hero's Catering. Analyze each of the following transactions for the first month of business. Prepare the balance sheet at March 31.
88) Eddie Bells started her own catering business called Delectable Edibles. Analyze each of the following transactions for the first month of business. Prepare a complete set of financial statements for the month of March (Income Statement, Statement of Changes in Shareholders' Equity, Statement of Cash Flows and Balance Sheet). Eddie contributed $13,000 of her own money to start Delectable Edibles, which is organized as a corporation.
a.The business borrowed another $5,500 from her mother.
b. The business rented a kitchen for $1,500 for the month.
c. The business spent $1,260 on food, spices and other supplies.
d. The business hired Sue Saute as an assistant chef and paid her $500 for the month.
e. The business earned $7,940 in revenues during the month.