My Professor also noted that 1. Ending balance in inventory is $10,000 2. Item 11 should read 200,000 shares sold 3. Item 22 should read $6,000 not $3,000

+EEE 2345 World Series Inc. Statement of Financial Position As of December 31, 2018 ASSETS LIABILITIES Cash Acc. Rec. Inventory Supplies Building $400,000 Acc. Depr. (7,600) Land 445,000 35,000 70,000 600 Note Payable 6% $10,000 Acc. Payable 24,000 Mortgage Payable 296,000 Total Liabilities $330,000 392,400 28,000 STOCKHOLDER EQUITY $2 Par Total Assets $971,000 Common Stock Excess of Par Retained Earnings 120,000 80,000 441.000 Total Equity S641.000 Total Liability & Equity $971,000 Jan. 1- Purchased Equipment for S180000. World Series Inc. paid $10,000 as a down payment and an 8% note signed for the balance of the purchase price. This equipment has a useful life of five years. Jan. 3 - Advertising expense contract was entered into this date but the contract period covered two years. Total cash payment was $30,000. Advertising campaigns for World Series products placed on Facebook sites throughout the two-year period of the contract. Jan. 5- A two-year insurance policy secured for $12,000. A cash payment made and the policy effective period was January 1, 2019 to December 31. 2020. Jan. 31 - January's mortgage payment of $10,000 paid. Rate of interest was at a fixed rate of 10%. Jan. 31 - Sold on account, various finished goods to customers for S200,000. Terms were 9/60 net 90. Cost of goods sold not accounted for at this date. 6. Feb. 1 - $70,000 of salary paid in cash. evSwynrjock-aXp0020kv gAnacZAFKayil xA/edit % - Normal text - Times New... - 12 B I UA - 13 234T5 7. Paid the monthly note payment of $10,000 for the note created on January 1, 2019. 8. Feb. 4-A customer returned $8,000 of merchandise; the customer's account was credited for the entire purchase price of $8,000. World Series sold 300,000 shares of common stock at S7 per share. Cash was sent to company's bank account by the investment broker this date. 10. Feb. 12 - Purchased S64,000 worth of inventory only $5,000 paid at the llootime of purchase. 11. Feb 20 - Sold 200,000 additional shares of common stock for $12 per share. 12. Feb 28 - $10,000 monthly payment made on the note created on Jan. 1. Mar. 1 - Received full payment for the goods sold on January 31. 14. Mar. 5-Paid in full the amount due for the inventory acquired on February 12 15. Mar. 10 - Sales to customers were $60,000 and terms were 10/30 net 60. Payment was made in cash at this date. 16. Mar. 20 - Declared a dividend of 50 cents per share. 17. Mar. 30 - End of the year supply inventory was $100. 18 Mar. 30 - End of the year merchandise inventory was $50,000. 19. Mar. 30 - Income Tax Rate was 20%. 20. Building has a 20 year useful life. Ending Inventory is $10,000 PREPARE THE: Income Statement: Statement of Retained Earnings: Statement of Financial Position [Balance Sheet] for the QUARTER ENDING 3/31/19 O te 9