I also need T accounts and Journal Entries ? and Balance Sheet. Income statement?
Problem 5 149 information.) Claire Company (An exercise in deduction and sifting through useful and some useless, even spurious, Claire Company began operations on April 1, 2020 (at 5:07 PM to be precise). They have come to you because they want to borrow money from the bank to expand. The bank has requested financial statements. They heard you were cheap, so they came on by! From the following information, record the transactions and prepare all financial statements for the period April 1- December 31, 2020. Per the checkbook Cash received from Claire for 100 shares of common stock- $60,000. Cash received from Brother on May 1, 2020, $50,000, repayable at $10,000 per year plus 5% interest. Cash received from customers- $160,000. Cash paid for inventory $100,000. Security deposit to landlord for store- $3,000 Cash paid for rent $12,000 Cash paid for equipment for store, $30,000. It is estimated that this equipment will last for six years and then be worthless. (Calculate depreciation on a monthly basis for this problem.) The actual cost of the equipment was $60,000, the rest of the cost will be paid in equal annual payments of $_ for five years. The payments include interest at 6% and the first payment is due April 1, 2021. Cash paid for wages, $12,000 . Cash paid for two-year insurance policy (runs from 6/30/20 - 6/30/21), $2,400. Cash paid for other operating expenses, $3,000. Cash paid for dividend, $2,000 Other Information On November 1, Claire hired Bill as an employee. They agreed his wages would be $2,000 per month payable on the first day following each month he worked. On April 1, Claire signed a three-year lease for the store it was to use. The lease called for a security deposit and monthly payments of $2,000 due at the beginning of each month. At the end of December, Claire owed its inventory suppliers $10,000. Claire also owed wages of $6,000 at December 31st. On December 31st, the company ordered $20,000 worth of merchandise which was received in January and will be paid for in February. At December 31, 2020, Claire took a physical inventory and found they had inventory on hand that cost them $30,000. (This is their ending inventory.) Customers owed Claire Company $20,000 at the end of December. The tax rate is 30% Assume a $1 par value. Prepare all Financial Statements