176 Service Company Financials The following are balances of the Annabella Accounting Corporation (a company of which you are a major shareholderlt) December 31. 2019 2020 2020 Income Statement Information Cash 24,000 12,000 Accounting Fees 400,000 Net Accounts Receivable 50,000 60,000 Salary Expense 210,000 Prepaid Rent 6,000 4,000 Rent Expense 24,000 Equipment 160,000 200,000 Depreciation Expense Accumulated Depreciation 40,000 50.000 Interest Expense 5,000 Land 0 36,000 Office Expense 1.000 Security Deposit 0 10,000 Income Tax Expense Office Supplies Payable 3,000 6.200 Interest Payable 2,000 3,000 Salaries Payable 43,000 30,000 Income Tax Payable 8,000 9,800 Note Payable 50,000 40.000 Common Stock ($ 1 cach) 38,000 70,000 Retained Earnings 36,000 During the year the company paid a dividend of $30,000. Annabella purchased the land on April 1, 2020 by issuing 8,000 shares of common stock worth $8,000 and paying cash for the balance. The Note Payable requires annual payments of $10,000 plus interest on December 31. The Company sold 4.000 shares of common stock on October 1, 2020 for $4,000. The income tax rate is 30% of income before tax Prepare financials The majority of husbands remind me of an orangutan trying to play the violin Balzac We are meant to love people and use things. Usually we do the opposite The Shaman 176 Service Company Financials The following are balances of the Annabella Accounting Corporation (a company of which you are a major shareholderlt) December 31. 2019 2020 2020 Income Statement Information Cash 24,000 12,000 Accounting Fees 400,000 Net Accounts Receivable 50,000 60,000 Salary Expense 210,000 Prepaid Rent 6,000 4,000 Rent Expense 24,000 Equipment 160,000 200,000 Depreciation Expense Accumulated Depreciation 40,000 50.000 Interest Expense 5,000 Land 0 36,000 Office Expense 1.000 Security Deposit 0 10,000 Income Tax Expense Office Supplies Payable 3,000 6.200 Interest Payable 2,000 3,000 Salaries Payable 43,000 30,000 Income Tax Payable 8,000 9,800 Note Payable 50,000 40.000 Common Stock ($ 1 cach) 38,000 70,000 Retained Earnings 36,000 During the year the company paid a dividend of $30,000. Annabella purchased the land on April 1, 2020 by issuing 8,000 shares of common stock worth $8,000 and paying cash for the balance. The Note Payable requires annual payments of $10,000 plus interest on December 31. The Company sold 4.000 shares of common stock on October 1, 2020 for $4,000. The income tax rate is 30% of income before tax Prepare financials The majority of husbands remind me of an orangutan trying to play the violin Balzac We are meant to love people and use things. Usually we do the opposite The Shaman