1) You will need the following journal entries Insurance Expense 4,000 Prepaid Insurance To record insurance expense for 2020 Rent Expense 4,000 12,000 Cash 10,000 Prepaid Rent 1,000 Rent Payable 1,000 To record payment and accrual of rent 2) You can figure out the interest rate of the Uncle Phil note payable in Beamer Year 1 on page 67 3) Ending Cash should be $274,190, Current Assets S845,190, Accumulated Depreciation $21,600, Total Liabilities $435,470 4) Remember to do a Cash Flow Statement 5) Use the Beamer Business Year 3 posted in lecture notes for your Begi inning Balances Problems 6-5 Beamer Biz Year 4, 2022, H Paid her beginning accounts payable and received all owed her. Bought 5 Beamers, sold Bought for $48,000 each, sold for $70,000. Bought for 25% down and the other 75% to be paid next year. Sold for 80% down with 20% to be paid next year. Paid workers what she owed them at the beginning plus $4,000 per month for eleven months, owed wages of end of the year for December. Paid $3,000 for utilities. On January 1, she bought a pre- fabricated building to put on the land she invested in year 2019. The building cost $200,000. It is expected that the building will last ten years and then be worth about 25% of the original cost. To buy the building, she took out a $160,000 interest-only mortgage from the bank and used $40,000 of the company's money. She must pay the bank 8% interest at the end of each year on the building's mortgage. The $160,000 will be due 10 years from the date of purchase. She paid the interest on the building's mortgage for Year 4 on December 31. On January 1, 2022 she spent $60,000 on furniture and fixtures for the new building. It is estimated that these items will last 10 years and then be worth 10% of their value. She opened her new location on January 1. (She now operates two locations.) She paid 10 months' rent on her first location at $1,000 per month. She paid Uncle Phil the interest owed on December 31. She paid last year's taxes. She paid a dividend of $30,000. She owes 2022 taxes at the end of the year (same rate as last year). (Prepare Financials, which also includes Journal Entries & T- Accounts) 10 5 $4,000 at the 0 matreaderos beamer-year-3-balance-sheet (1)-Protected View Excel Luke Zahniser ew View Help Tell me what you want to do to edit, it's safer to stay in Protected View Enable Editing CBB, Inc Balance Sheet December 31, 2019 Assets Current Assets Current Liabilities Cash Accounts Receivable Inventory Prepaid Insurance Prepaid Rent $ 303,700 105,600 644,000 11,000 1,000 1,065,300 Accounts Payable Income Taxes Payable Wages Payable 414,000 14,310 3,000 431,310 Total Current Liabilities Long-term Debt Total Current Assets Fixed Assets Note Payable-Phil 50,000 50,000 Total Long-Term Debt Signs Less: Accumulated 10,000 481,310 Depreciation (300) 9,700 50,000 59,700 Subtotal Land Owners' Equity Net Fixed Assets Other Assets Common Stock Retained Earnings Total Owners' Equity 485,000 159,690 644,690 Security Deposit 1,000 $ 1,126,000 Total Assets Total Liabilities and Owners' Equity S 1,126,000 67 Ho!nework #3 Problem 3-1 Complete Fluff, Inc. Your homework will alwaysinclude finishing whatever was not completed during class and reading all pages up to the start of the next class. Beamer Business Year 2019 Chris opened a Beamer business on January started with $600,000; 500,000 of her own money, for which she recvd common stock, and $100,000 borrowed from her Uncle Phil (Note to Uncle interes She planned to operate her business as a corporation, Chris's Beamer Biz, Inc. (CBB, Inc.) During the year she bought ten Beamers for $40,000 each. She sold eight of the Beamers for $60,000 each. Other expenses she paid cash for were: wages, $20,000; rent, $12,000, and utilities $1,000. She signed a 20-year lease and put down a rent security deposit of $1,000. In addition to the cash she invested on January 1st, on June 1st she also invested a piece of land she owned in the business that was worth $50,000 in exchange for 500 shares of common stock. At the end of the year she owed her worker wages of $1,000. She paid a dividend of $3,000, The tax rate is 30% and Chris will pay 2019 taxes in 2020, So how did Chris do? (Do everything - Journal Entries, T-Accounts, Financial Statements). 1, 2019. She 5,000 shares of Payable). The Note Payable Phil requires that she pay the interest annually on December 31. She paid the $8,000 t on December 31, 2019. She is required to repay the principal at the end of year 2024. It is a shallow life that doesn't give a person a few sears. Garrison Keillor Preams don't just come true, 1) You will need the following journal entries Insurance Expense 4,000 Prepaid Insurance To record insurance expense for 2020 Rent Expense 4,000 12,000 Cash 10,000 Prepaid Rent 1,000 Rent Payable 1,000 To record payment and accrual of rent 2) You can figure out the interest rate of the Uncle Phil note payable in Beamer Year 1 on page 67 3) Ending Cash should be $274,190, Current Assets S845,190, Accumulated Depreciation $21,600, Total Liabilities $435,470 4) Remember to do a Cash Flow Statement 5) Use the Beamer Business Year 3 posted in lecture notes for your Begi inning Balances Problems 6-5 Beamer Biz Year 4, 2022, H Paid her beginning accounts payable and received all owed her. Bought 5 Beamers, sold Bought for $48,000 each, sold for $70,000. Bought for 25% down and the other 75% to be paid next year. Sold for 80% down with 20% to be paid next year. Paid workers what she owed them at the beginning plus $4,000 per month for eleven months, owed wages of end of the year for December. Paid $3,000 for utilities. On January 1, she bought a pre- fabricated building to put on the land she invested in year 2019. The building cost $200,000. It is expected that the building will last ten years and then be worth about 25% of the original cost. To buy the building, she took out a $160,000 interest-only mortgage from the bank and used $40,000 of the company's money. She must pay the bank 8% interest at the end of each year on the building's mortgage. The $160,000 will be due 10 years from the date of purchase. She paid the interest on the building's mortgage for Year 4 on December 31. On January 1, 2022 she spent $60,000 on furniture and fixtures for the new building. It is estimated that these items will last 10 years and then be worth 10% of their value. She opened her new location on January 1. (She now operates two locations.) She paid 10 months' rent on her first location at $1,000 per month. She paid Uncle Phil the interest owed on December 31. She paid last year's taxes. She paid a dividend of $30,000. She owes 2022 taxes at the end of the year (same rate as last year). (Prepare Financials, which also includes Journal Entries & T- Accounts) 10 5 $4,000 at the 0 matreaderos beamer-year-3-balance-sheet (1)-Protected View Excel Luke Zahniser ew View Help Tell me what you want to do to edit, it's safer to stay in Protected View Enable Editing CBB, Inc Balance Sheet December 31, 2019 Assets Current Assets Current Liabilities Cash Accounts Receivable Inventory Prepaid Insurance Prepaid Rent $ 303,700 105,600 644,000 11,000 1,000 1,065,300 Accounts Payable Income Taxes Payable Wages Payable 414,000 14,310 3,000 431,310 Total Current Liabilities Long-term Debt Total Current Assets Fixed Assets Note Payable-Phil 50,000 50,000 Total Long-Term Debt Signs Less: Accumulated 10,000 481,310 Depreciation (300) 9,700 50,000 59,700 Subtotal Land Owners' Equity Net Fixed Assets Other Assets Common Stock Retained Earnings Total Owners' Equity 485,000 159,690 644,690 Security Deposit 1,000 $ 1,126,000 Total Assets Total Liabilities and Owners' Equity S 1,126,000 67 Ho!nework #3 Problem 3-1 Complete Fluff, Inc. Your homework will alwaysinclude finishing whatever was not completed during class and reading all pages up to the start of the next class. Beamer Business Year 2019 Chris opened a Beamer business on January started with $600,000; 500,000 of her own money, for which she recvd common stock, and $100,000 borrowed from her Uncle Phil (Note to Uncle interes She planned to operate her business as a corporation, Chris's Beamer Biz, Inc. (CBB, Inc.) During the year she bought ten Beamers for $40,000 each. She sold eight of the Beamers for $60,000 each. Other expenses she paid cash for were: wages, $20,000; rent, $12,000, and utilities $1,000. She signed a 20-year lease and put down a rent security deposit of $1,000. In addition to the cash she invested on January 1st, on June 1st she also invested a piece of land she owned in the business that was worth $50,000 in exchange for 500 shares of common stock. At the end of the year she owed her worker wages of $1,000. She paid a dividend of $3,000, The tax rate is 30% and Chris will pay 2019 taxes in 2020, So how did Chris do? (Do everything - Journal Entries, T-Accounts, Financial Statements). 1, 2019. She 5,000 shares of Payable). The Note Payable Phil requires that she pay the interest annually on December 31. She paid the $8,000 t on December 31, 2019. She is required to repay the principal at the end of year 2024. It is a shallow life that doesn't give a person a few sears. Garrison Keillor Preams don't just come true