Beamer Biz- 2021 During the second year Chris bought 9 Beamers and sold 8 Beamers.

bought Beamers for 40000 each, sold at 60000 each.

Need T-account, Journal Entries, financial statement.

70 Cash 1,000 35,400 36,400 CBB, Inc Balance Sheet Reciable (82/December 31, 2020 Assets Sale's Liabilities Current Assets Save Sales Current Liabilities TOY $635,000 Wages Payable Inventory 80,000 Taxes Payable Total Current Assets 715,000 Total Current Liabilities Long-Term Debt Fixed Assets Note Payable-Phil Land 50,000 Total Liabilities Net Fixed Assets 50,000 Owners' Equity Other Assets Common Stock Security Deposit 1,000 Retained Earnings Total Owners' Equity Total Liabilities and Total Assets $766,000 Owners' Equity 200,000 236,400 450,000 79,600 529,600 $ 766,000 CBB, Inc. Income Statement For the Year Ended December 31, 2020 480,000 320,000 160,000 security Sales $ Cost of Sales Gross Margin Operating Expenses Wage Expense Rent Expense Utilities Expense Total Operating Expenses Income from Operations Other Revenues & (Expenses) Interest Expense Income Before Taxes Tax Expense Net Income $ 21,000 12,000 1,000 34,000 126,000 deposit Assets (8,000) 118,000 35,400 82,600 Earnings Per Share $ 19.25 CBB, Inc. Statement of Owners' Equity For the Year Ended December 31, 2020 Retained Earnings Shares Total Common Stock 0 450,000 4,500 $ Beginning Balance Issuance of stock Net Income Dividends Declared Ending Balance $ 82,600 (3,000) 79,600 $ 450,000 82,600 (3,000) 529,600 4,500 $ 450,000 $ Beamer Biz - 2021 During the second year Chris bought 9 Beamers and sold 8 Beamers. Same prices as last year. When she bought the Beamers in the second year, she paid 40% down and will pay the balance in the following year. Also, when she sold the Beamers, she got 60% down and will receive the balance in the following year. During the year she paid cash for wages $24,000; utilities of $3,000; and rent of $8,000. On May 1, she issued 200 shares of common stock for $ 25,000. During the year, she paid 2020 taxes. At the end of the year, in addition to what she owed on the Beamers, she owed rent of $4,000 and wages of $3,000. At December 31, she paid a dividend of $5,000. At December 31 she paid the interest due to Uncle Phil and she paid $50,000 on the principal of the note. Tax rate is 30% and she will pay this year's taxes next year. Remember the matching concept is 70 Cash 1,000 35,400 36,400 CBB, Inc Balance Sheet Reciable (82/December 31, 2020 Assets Sale's Liabilities Current Assets Save Sales Current Liabilities TOY $635,000 Wages Payable Inventory 80,000 Taxes Payable Total Current Assets 715,000 Total Current Liabilities Long-Term Debt Fixed Assets Note Payable-Phil Land 50,000 Total Liabilities Net Fixed Assets 50,000 Owners' Equity Other Assets Common Stock Security Deposit 1,000 Retained Earnings Total Owners' Equity Total Liabilities and Total Assets $766,000 Owners' Equity 200,000 236,400 450,000 79,600 529,600 $ 766,000 CBB, Inc. Income Statement For the Year Ended December 31, 2020 480,000 320,000 160,000 security Sales $ Cost of Sales Gross Margin Operating Expenses Wage Expense Rent Expense Utilities Expense Total Operating Expenses Income from Operations Other Revenues & (Expenses) Interest Expense Income Before Taxes Tax Expense Net Income $ 21,000 12,000 1,000 34,000 126,000 deposit Assets (8,000) 118,000 35,400 82,600 Earnings Per Share $ 19.25 CBB, Inc. Statement of Owners' Equity For the Year Ended December 31, 2020 Retained Earnings Shares Total Common Stock 0 450,000 4,500 $ Beginning Balance Issuance of stock Net Income Dividends Declared Ending Balance $ 82,600 (3,000) 79,600 $ 450,000 82,600 (3,000) 529,600 4,500 $ 450,000 $ Beamer Biz - 2021 During the second year Chris bought 9 Beamers and sold 8 Beamers. Same prices as last year. When she bought the Beamers in the second year, she paid 40% down and will pay the balance in the following year. Also, when she sold the Beamers, she got 60% down and will receive the balance in the following year. During the year she paid cash for wages $24,000; utilities of $3,000; and rent of $8,000. On May 1, she issued 200 shares of common stock for $ 25,000. During the year, she paid 2020 taxes. At the end of the year, in addition to what she owed on the Beamers, she owed rent of $4,000 and wages of $3,000. At December 31, she paid a dividend of $5,000. At December 31 she paid the interest due to Uncle Phil and she paid $50,000 on the principal of the note. Tax rate is 30% and she will pay this year's taxes next year. Remember the matching concept is