Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 195,000 shares of $6-par-value common stock for $1,170,000 in cash. Borrowed $530,000 from Oglesby National Bank and signed a 12% note due in three years. Incurred and paid $410,000 in salaries for the year. Purchased $730,000 of merchandise inventory on account during the year. Sold inventory costing $570,000 for a total of $910,000, all on credit. Paid rent of $110,000 on the sales facilities during the first 11 months of the year. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $116,000 owed for store equipment and $610,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $35,000 during the year. Collected $855,000 in cash from customers during the year for credit sales previously recorded. At year-end, accrued $63,600 of interest on the note due to Oglesby National Bank. At year-end, accrued $10,000 of past-due December rent on the sales facilities. Required: a. Prepare an income statement (ignoring income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.)

An income statement and balance sheet are needed to be created

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of the three mortgage options that demarco and tanya have to choose from, the balloon payment mortgage would be their best option, over adjustable payment and fixed payment plans.ultimately, the balloon payment plan would save demarco and tanya overall, in interest, would cost less monthly, and they would only have to make these payments for 8 years, opposing to 30 years for adjustable or fixed payment plans. 

overall, demarco and tanya would save $80,811 if they chose balloon payments over fixed payments, and would save $116,711 if they choose balloon payments over adjustable payments. benefits with choosing fixed payments over adjustable payments is that, in the end, the payments will still be $836.30 a month, while with adjustable payments, the initial monthly payments will be $763.38 to $1082.70 a month, ultimately leading to a more costly purchase. benefits with choosing fixed payments over balloon payments are not present. benefits in choosing adjustable payments over is that it has a lower interest rate, and starts with lower monthly payments initially. benefits in choosing adjustable payments over balloon payments include a lower interest rate, and lower initial monthly payments. benefits in choosing balloon payments over fixed payments include lower interest rates, lower overall price, lower monthly payments, takes less time to pay off, and does not require a downpayment. benefits in choosing balloon payments over adjustable payments include, lower monthly payments (when averaged), takes less time to pay off, and lower overall price.

hence, option c, balloon payments, is the best option for demarco and tanya to make this purchase, for it will save them a minimum of $80811, and a maximum of $116,711.