Ashok started a food service on January 1, 2023, investing…

Ashok started a food service on January 1, 2023,
investing $250,000 cash deposited in a bank
account in the name of “Ashoks Snacks.” He
purchased a restaurant. Ashok operated on the
cash basis of accounting, and at year’s end, he
asks you to help him find his income or loss for
the first year of operation. #
You have determined the following:
a. He purchased a restaurant $180,000 that is
depreciable at 4% per year. He paid $90,000 cash
and financed $90,000 on a note at 12% interest.
b. He started the operation with $160,000 cash
available.
c. He has $23,250 cash on hand and $210,000
cash in the bank at the end of the year.
d. His receipts for cash purchases of inventory
(Food and Beverage) for resale total $300,280.
e. The value of his ending inventory for resale is
$6,924.
f. Ashok paid 150,000 in casual labour and gave
himself $10,000 per month for 12 months.
Record the above transactions on the T accounts,
create an income statement and a balance sheet.

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