Need 2021, year 3. Journal Entries, Taccounts, income balance and owners equity.

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Fluff Inc., Year 2019 (The Fluff Business) You have decided that this university life is not for you. Instead, you have decided to go into th business of selling Fluffs. You decide to operate the business as a corporation, Fluff, Inc. On January 1, 2019 you begin with $30,000 cash; $20,000 of the money is yours and $10,000 is borrowed from your Uncle Mike. For the $20,000 of yours, you issue yourself 100 shares of common stock. For the $10,000 borrowed from your uncle, you sign a note agreeing to pay back that amount on December 31, 2022 and you will pay interest at 10% at the end of each year. On January 1, 2019, you bought 6 Bluffs for $3,000 each. During the year you sold 5 Fluffs for $7,000 each. You also paid a security deposit of $2,000, advertising expense of $3,000 and 12 months' rent of $12,000. In addition to the cash you invested on January 1st, or August 1st you also invest a piece of land that you own into the business that is worth $40,000 in exchange for 200 more shares of stock. You pay the first year's interest to Uncle Mike of $1,000 on December 31 of 2019. Your tax rate is 30% of your income before taxes and you paid 50 % of these taxes this year and will pay the rest in 2020. So how did you do? . Assets Current Assets Cash $22,400 Inventory 9,000 Total Current Assets 31,400 Fluff, Inc. Balance Sheet December 31, 2019 Liabilities Current Liabilities Taxes Payable Long-Term Liabilities Note Payable- Mike Total Liabilities $ 600 10,000 10,600 Fixed Assets Land 40,000 Other Assets Security Deposit Total Assets Owners' Equity Common Stock 60,000 Retained Earnings 2.800 Total Owners' Equity 62.800 Total Liabilities & Owners' Equity $73,400 - 2,000 $73,400 Fluff, Inc. Income Statement For the Year Ended December 31, 2019 $ 35,000 15,000 20,000 Sales Cost of Goods Sold Gross Margin Operating Expenses Rent Expense Advertising Expense Total Operating Expenses Operating Income Other Revenues & (Expenses) Interest Expense Income before Taxes Tax Expense Net Income 12,000 3,000 15,000 5,000 (1,000) 4,000 1.200 $ 2.800 Earnings Per Share $ 15.27 Fluff, Inc. Statement of Owners' Equity For the Year Ended December 31, 2019 Common Stock Shares Amount 0 $ 0 300 60,000 Retained Earnings $ 0 Beginning Balance Common Stock Issued Net Income Dividends Declared Balance, December 31, 2019 2,800 Totals $ 0 60,000 2,800 (0) $62,800 (0) 300 $60,000 $2.800 self. What good things am I going to do today?' "Every time you wake up and ask yourself, what good things am I going the sun goes down at sunset, it will take a part of your life with it." Indian proverb. remember that, when the sun goes down at sunset iti Problem 4-11 Fluff Business, 2020 Year 2, (See page 76 for beginning balances) During the second year, you bought 15 Fluffs and sold 12. same prices as year 1, but you have arranged terms that allow you to pay 40% of the purchase price in cash and the rest in one year. You now sell Fluffs for 50% down and the rest will be paid for by the customer next year. You paid the same rent. You hired a worker whom you paid $11,000 (a Miami graduate). Tax rate is the same (30% of taxable income). Paid 2019 taxes. You will pay 2020 taxes next year. You paid the interest to Mike on December 31. You paid office expenses of $12,000 and a dividend of $1,000. You also paid $4,000 for advertising in The Post. On February 1st you issued 50 shares of common stock for $12,000. You owe your employee $1,000 more in wages at the end of the year. So how did you do? Prepare Journal Entries, T-Accounts, Income Statement, Statement of Owners' Equity and Balance Sheet. Fluff Business, 2021, Year 31, you paid the amounts owed for Fluffs at the end of year 2020 and Collected all of the amounts owed by customers at the end of last year. You purchased eleven more Fluffs for $4.000 each and at the same terms as last year. During the year you sold 11 Flufts for $8,000 each at the same terms as last year. On January 1. you purchased furniture & Txtures Tor 345,000.) You put $15.000 down and financed the balance at 10%. You will make annual payments on December 31st for three years of the interest plus $10,000 on the principal. You estimate that you will use them for 10 years and then they will be worth $5,000. On June 30, you paid $4,800 for a two-year insurance policy. You paid your worker $8,000 and owed her $2,000 more at the end of the year. You also paid $13,000 for 13 months of rent. This year you declared and paid a dividend of $5,000 to your shareholders. On October 1st you issued 10 shares of common stock for $3,000. On December 31st, you paid the first payment on the furniture & fixtures loan. Also on December 31, you paid Mike his interest. You paid the taxes owed at the end of last year. The tax rate is 30%. This year's taxes will be paid next year. You use the FIFO inventory system. Prepare Journal Entries, T-accounts, an Income Statement, a Statement of Owners' Equity and a Balance Sheet. Hey, when is the Note Payable-Uncle Mike due? So... The furniture & fixtures loan Meshan Fluff Inc., Year 2019 (The Fluff Business) You have decided that this university life is not for you. Instead, you have decided to go into th business of selling Fluffs. You decide to operate the business as a corporation, Fluff, Inc. On January 1, 2019 you begin with $30,000 cash; $20,000 of the money is yours and $10,000 is borrowed from your Uncle Mike. For the $20,000 of yours, you issue yourself 100 shares of common stock. For the $10,000 borrowed from your uncle, you sign a note agreeing to pay back that amount on December 31, 2022 and you will pay interest at 10% at the end of each year. On January 1, 2019, you bought 6 Bluffs for $3,000 each. During the year you sold 5 Fluffs for $7,000 each. You also paid a security deposit of $2,000, advertising expense of $3,000 and 12 months' rent of $12,000. In addition to the cash you invested on January 1st, or August 1st you also invest a piece of land that you own into the business that is worth $40,000 in exchange for 200 more shares of stock. You pay the first year's interest to Uncle Mike of $1,000 on December 31 of 2019. Your tax rate is 30% of your income before taxes and you paid 50 % of these taxes this year and will pay the rest in 2020. So how did you do? . Assets Current Assets Cash $22,400 Inventory 9,000 Total Current Assets 31,400 Fluff, Inc. Balance Sheet December 31, 2019 Liabilities Current Liabilities Taxes Payable Long-Term Liabilities Note Payable- Mike Total Liabilities $ 600 10,000 10,600 Fixed Assets Land 40,000 Other Assets Security Deposit Total Assets Owners' Equity Common Stock 60,000 Retained Earnings 2.800 Total Owners' Equity 62.800 Total Liabilities & Owners' Equity $73,400 - 2,000 $73,400 Fluff, Inc. Income Statement For the Year Ended December 31, 2019 $ 35,000 15,000 20,000 Sales Cost of Goods Sold Gross Margin Operating Expenses Rent Expense Advertising Expense Total Operating Expenses Operating Income Other Revenues & (Expenses) Interest Expense Income before Taxes Tax Expense Net Income 12,000 3,000 15,000 5,000 (1,000) 4,000 1.200 $ 2.800 Earnings Per Share $ 15.27 Fluff, Inc. Statement of Owners' Equity For the Year Ended December 31, 2019 Common Stock Shares Amount 0 $ 0 300 60,000 Retained Earnings $ 0 Beginning Balance Common Stock Issued Net Income Dividends Declared Balance, December 31, 2019 2,800 Totals $ 0 60,000 2,800 (0) $62,800 (0) 300 $60,000 $2.800 self. What good things am I going to do today?' "Every time you wake up and ask yourself, what good things am I going the sun goes down at sunset, it will take a part of your life with it." Indian proverb. remember that, when the sun goes down at sunset iti Problem 4-11 Fluff Business, 2020 Year 2, (See page 76 for beginning balances) During the second year, you bought 15 Fluffs and sold 12. same prices as year 1, but you have arranged terms that allow you to pay 40% of the purchase price in cash and the rest in one year. You now sell Fluffs for 50% down and the rest will be paid for by the customer next year. You paid the same rent. You hired a worker whom you paid $11,000 (a Miami graduate). Tax rate is the same (30% of taxable income). Paid 2019 taxes. You will pay 2020 taxes next year. You paid the interest to Mike on December 31. You paid office expenses of $12,000 and a dividend of $1,000. You also paid $4,000 for advertising in The Post. On February 1st you issued 50 shares of common stock for $12,000. You owe your employee $1,000 more in wages at the end of the year. So how did you do? Prepare Journal Entries, T-Accounts, Income Statement, Statement of Owners' Equity and Balance Sheet. Fluff Business, 2021, Year 31, you paid the amounts owed for Fluffs at the end of year 2020 and Collected all of the amounts owed by customers at the end of last year. You purchased eleven more Fluffs for $4.000 each and at the same terms as last year. During the year you sold 11 Flufts for $8,000 each at the same terms as last year. On January 1. you purchased furniture & Txtures Tor 345,000.) You put $15.000 down and financed the balance at 10%. You will make annual payments on December 31st for three years of the interest plus $10,000 on the principal. You estimate that you will use them for 10 years and then they will be worth $5,000. On June 30, you paid $4,800 for a two-year insurance policy. You paid your worker $8,000 and owed her $2,000 more at the end of the year. You also paid $13,000 for 13 months of rent. This year you declared and paid a dividend of $5,000 to your shareholders. On October 1st you issued 10 shares of common stock for $3,000. On December 31st, you paid the first payment on the furniture & fixtures loan. Also on December 31, you paid Mike his interest. You paid the taxes owed at the end of last year. The tax rate is 30%. This year's taxes will be paid next year. You use the FIFO inventory system. Prepare Journal Entries, T-accounts, an Income Statement, a Statement of Owners' Equity and a Balance Sheet. Hey, when is the Note Payable-Uncle Mike due? So... The furniture & fixtures loan Meshan