Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you help me with the owners equity and earnings per share 52 Inometa illds Balance Sheet BBBB, Inc.nsnRto Iner December 31, 2019 Assets Liabilities
can you help me with the owners equity and earnings per share 52 Inometa illds Balance Sheet BBBB, Inc.nsnRto Iner December 31, 2019 Assets Liabilities Current Liabilities Taxes Payable Note Payable-Land Total Current Liabilities Current Assets Cash Merchandise Inventory Total Current Assets $ 151,000 8,000 159,000 $ 18,600 28,000 46,600 Fixed Assets Land Long-Term Liabilities Note Payable-Bank Total Liabilities 30,000 100,000 146,600 Other Assets Security Deposit 6.000 Owners' Equity Common Stock (100 shares) Retained Earnings Total Owners' Equity Total Liabilities and Owners' Equity 5,000 43,400 48,400 $195.000 Total Assets $ 195.000 During 2020 the company Purchased 15,000 biffs at $8 each. Paid $100,000 cash and will pay $20,000 next year. Sold 11,000 biffs at $20 each Paid the $28,000 note on the land plus $2,000 interest Paid rent of $12,000 Paid salaries of $36,000 Issued 100 shares of common stock for $10,000 on June 1. On December 31, bought a truck for $40,000, cash. On December 31, paid $50,000 on the note payable to bank and $10,000 interest. Paid 2019 taxes Tax rate is 30% and 2020 taxes will be paid in 2021
can you help me with the owners equity and earnings per share
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started