Piel Corporation (A U

Essay

Piel Corporation (a U.S.company)began operations on January 1,2011,when common stock was issued for $250,000.In the first two months of operations,Piel had the following transactions:
January 15,2011 Bought inventory for 100,000 Mexican pesos on account
January 26,2011 Sold 70% of inventory acquired on 1/15/11 for 44,000 Saudi riyals on account
January 27,2011 Paid $1,000 in other operating expenses
February 2,2011 Sold additional inventory that cost $1,000 for $3,000 cash to a U.S.company.
February 15,2011 Acquired and paid the 100,000 pesos owed to the Mexican supplier
February 21,2011 Paid $1,500 in other operating expenses
February 28,2011 Collected the 44,000 riyals from the Saudi customer and immediately converted them into U.S.dollars
The following exchange rates apply:
Required:
Complete the summary income statement and balance sheet for the month ended January 31,2011 and February 28,2011,assuming there were no other transactions.