Chrls's Beamer Biz, Inc. Statement of Ownors' Equity For the Year Ended December 31, 20x1 As you were reviewing the finaneial statements with Chris, you discovered that during 20X1, Chris decided that there was excess eash in the business and that it could be placed in higher yield opportunities. Having read about Stablecoin and its related yield, Chris decided that Beamer Biz would purchase USDT. They plan on selling any remaining USDT within 12 months of purchase. None of the USDT transactions below were recorded, but now need to be included in the financial statements. REQUIRED: 1. Record the following journal entries and post them to their respective t-accounts: During the year, Chris participated in the following activities in addition to those reflected in the financial statements provided above: a) Beamer Biz, Inc, purchased \$50,000 USDT at \$1/USDT on July 1n,20X1. b) Beamer Biz. Ine, purchased an additional \$25,000 USDT at SI/USDT on September 30th, 201. c) Beamer Biz, Inc, decided to sell \$18,750 USDT at \$1/USDT on December 31,20X1 d) Interest is paid monthly at an annual rate of 12% (paid last day of each month). The interest is paid in USDT and is kept in USDT. Interest needs to be recorded on a monthly basis. c) Calculate necessary tax expense that will be paid on these holdings as of December 31te, 20X 1. This tax will be paid in 20X2. 2. Prepare: Journal entries and T-accounts 3. Prepare: Updated Financial Statements for 20X : a) Income statement b) Statement of retained earnings c) Balance sheet Stablecoin Case Chris's Beamer Biz, Inc., Year 1 - 20X1 Chris opened a Beamer business on January 1, 20X1. The tax rate is 30n and Chris will puy 201 taxes in 202. The initial finaneial statements for this business are presented below. Chris's Beamer Biz, Inc Chrls's Beamer Biz, Inc. Statement of Ownors' Equity For the Year Ended December 31, 20x1 As you were reviewing the finaneial statements with Chris, you discovered that during 20X1, Chris decided that there was excess eash in the business and that it could be placed in higher yield opportunities. Having read about Stablecoin and its related yield, Chris decided that Beamer Biz would purchase USDT. They plan on selling any remaining USDT within 12 months of purchase. None of the USDT transactions below were recorded, but now need to be included in the financial statements. REQUIRED: 1. Record the following journal entries and post them to their respective t-accounts: During the year, Chris participated in the following activities in addition to those reflected in the financial statements provided above: a) Beamer Biz, Inc, purchased \$50,000 USDT at \$1/USDT on July 1n,20X1. b) Beamer Biz. Ine, purchased an additional \$25,000 USDT at SI/USDT on September 30th, 201. c) Beamer Biz, Inc, decided to sell \$18,750 USDT at \$1/USDT on December 31,20X1 d) Interest is paid monthly at an annual rate of 12% (paid last day of each month). The interest is paid in USDT and is kept in USDT. Interest needs to be recorded on a monthly basis. c) Calculate necessary tax expense that will be paid on these holdings as of December 31te, 20X 1. This tax will be paid in 20X2. 2. Prepare: Journal entries and T-accounts 3. Prepare: Updated Financial Statements for 20X : a) Income statement b) Statement of retained earnings c) Balance sheet Stablecoin Case Chris's Beamer Biz, Inc., Year 1 - 20X1 Chris opened a Beamer business on January 1, 20X1. The tax rate is 30n and Chris will puy 201 taxes in 202. The initial finaneial statements for this business are presented below. Chris's Beamer Biz, Inc
