Piel Corporation (a U.S. company) began operations on January 1, 2015, when common stock was issued for $250,000. In the first two months of operations, Piel had the following transactions:
The following exchange rates apply:
Required:
Complete the summary income statement and balance sheet for the month ended January 31, 2015 and February 28, 2015, assuming there were no other transactions.

Question

Piel Corporation (a U.S. company) began operations on January 1, 2015, when common stock was issued for $250,000. In the first two months of operations, Piel had the following transactions:
  The following exchange rates apply:
  Required:
Complete the summary income statement and balance sheet for the month ended January 31, 2015 and February 28, 2015, assuming there were no other transactions.

Quizplus · Accepted Answer

The Answer of Piel Corporation (a U.S. company) began operations on January 1, 2015, when common stock was issued for $250,000. In the first two months of operations, Piel had the following transactions:
  The following exchange rates apply:
  Required:
Complete the summary income statement and balance sheet for the month ended January 31, 2015 and February 28, 2015, assuming there were no other transactions.

Piel Corporation (A U