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Problem 3-2 ( Beamer Business Year 2020 Chris opened a Beamer business on January 1, 2020. She started with $600,000; 400,000 of her own money, for which she received 4,000 shares of common stock, and $200,000 borrowed from her Uncle Phil (Note Payable). The Note Pavable to Uncle Phil requires that she pay the interest at 4% annually on December 31. She paid the $8,000 interest on December 31, 2020. She is required to repay the principal at the end of year 2024. She planned to operate her business as a corporation, Chris's Beamer Biz, Inc. (CBB, Inc.). During the year she bought ten Beamers for $40,000 each. She sold eight of the Beamers for $60,000 each. Other expenses she paid cash for were: wages, $20,000; rent, $12,000; and utilities $1,000. She signed a 20-year lease and put down a rent security deposit of $1,000. In addition to the cash she invested on January 1st, on June 1st she also invested a piece of land she owned in the business that was worth $50,000 in exchange for 500 shares of common stock. At the end of the year she owed her worker wages of $1,000. She paid a dividend of $3,000. The tax rate is 30% and Chris will pay 2020 taxes in 2021. So how did Chris do? (Do everything - Journal Entries, T-Accounts, Financial Statements). 10 Cash 1,000 35,400 36,400 CBB, Inc 1 Balance Sheet Allow Rectable ( December 31, 2020 Assets Sales Liabilities Current Assets foyd Sales Current Liabilities Cash TO $635,000 Wages Payable Inventory 80,000 Taxes Payable Total Current Assets 715,000 Total Current Liabilities Long-Term Debt Fixed Assets Note Payable-Phil Land 50,000 Total Liabilities Net Fixed Assets 50,000 Owners' Equity Other Assets Common Stock Security Deposit 1,000 Retained Earnings Total Owners' Equity Total Liabilities and Total Assets $766,000 Owners' Equity 200,000 236,400 450,000 79,600 529,600 $ 766,000 CBB, Inc. Income Statement For the Year Ended December 31, 2020 480,000 320,000 160,000 security Sales $ Cost of Sales Gross Margin Operating Expenses Wage Expense Rent Expense Utilities Expense Total Operating Expenses Income from Operations Other Revenues & (Expenses) Interest Expense Income Before Taxes Tax Expense Net Income $ 21,000 12,000 1,000 34,000 126,000 deposit Assets (8,000) 118,000 35,400 82,600 Earnings Per Share $ 19.25 CBB, Inc. Statement of Owners' Equity For the Year Ended December 31, 2020 Common Retained Shares Stock Earnings Total 4,500 $ 450,000 Beginning Balance Issuance of stock Net Income Dividends Declared Ending Balance $ 82,600 (3,000) 79,600 $ 450,000 82,600 (3,000) 529,600 4.500 $ 450,000 $ 71 Beamer Biz - 2021 During the second year Chris bought 9 Beamers and sold 8 Beamers. Same prices as last year. When she bought the Beamers in the second year, she paid 40% down and will pay the balance in the following year. Also, when she sold the Beamers, she got 60% down and will receive the balance in the following year. During the year she paid cash for wages $24,000; utilities of $3,000; and rent of $8,000. On May 1, she issued 200 shares of common stock for $ 25,000. During the year, she paid 2020 taxes. At the end of the year, in addition to what she owed on the Beamers, she owed rent of $4,000 and wages of $3,000. A December 31, she paid a dividend of $5,000. At December 31 she paid the interest due to Uncle Phil and she paid $50,000 on the principal of the note. Tax rate is 30% and she w this year's taxes next year. Remember the matching concept is