ACC 502 Week 1 Assignment 4 Toys, Inc began operations on December 31, 2019 with the following transactions: 5 6 1. Purchased equipment for $15,000 7 2. Purchased inventory on account for $6,000 8 3. Issued common stock for $20,000 9 10 Toys, Inc's balance sheet including those transactions as of December 31, 2019, was as follows: 11 12 Toys, Inc. 13 Balance Sheet 14 As of December 31, 2019 15 16 Assets: 17 Cash $ 5,000 18 Receivables 19 Inventory 6,000 20 Land 21 Property Plant and Equipment 15,000 24 20 23 Total Assets $ 26,000 24 25 Liabilities and Equity: 26 Accounts Payable $ 6,000 27 Note Payable 28 Common Stock 20,000 29 Retained Earnings 30 6,000 6,000 15,000 #### 15,000 #### $ 6,000 (4.000) $ 2,000 20,000 20,000 ##### ##### 59 Inventory 60 Land 61 Property Plant and Equipment 62 Total Assets 63 64 Accounts Payable 65 Note Payable 66 Common Stock 67 Retained Earnings 68 Total Liabilities and Equity 69 70 Check (must equal zero) 71 72 Income Statement 73 Sales 74 Cost of Goods Sold 75 Payroll expenses 76 Net Income 77 78 79 Requirement 2 80 81 Characteristics of a Balance Sheet 82 83 84 $ $ 86 87 88 Characteristics of an Income Statement 89 90 91 92 93 11 12 13 14 5 Relationship between the Balance Sheet and the Income Statement 16 17 18 19 00 01 2 03 04 05 06