Business, 17.10.2021 01:00 eatheng4441

The following are transactions that occurred in September 2021, the first month the business was established. Assuming all transactions are in cash, except for other notes. 1. Ms. Minh Ha started a business, set up MIT Company, contributed her capital into the company $ 5,000.
2. MIT has borrowed from Technical Development Bank (TDB) $ 3,000 on Sep 1, 2021, with interest rate of 12%/year, principals will be one-time repayment on Sep 1, 2022 since interest must paid in cash monthly.
3. Total sales revenue of services in 9/2021 is $ 1,500, of which 30% is owed by customers; The total costs is $ 1,200, of which MIT 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 September 2021: Q2.1. Income statement to 30/9/2021 (IS).
Q2.2. Balance sheet at 30/9/2021 (BS)1.
Q2.3. Cash flow statement (CFS), by direct method.
Q2.4. Cash flow from operating activity, by indirect method.

Answers: 3

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The following are transactions that occurred in September 2021, the first month the business was est...

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