Owners' Equity Homework Problem 1 The following balances are from the Annie's Accounting Company 2017 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Taxes Payable Note Payable Common Stock (S.1 Par) Paid In Capital Retained Earnings Accounting Fees Salary Expense Rent Expense Interest Expense Depreciation Expense 10,000 40,000 6,000 180,000 50,000 40,000 10,000 20.000 50,000 3,000 190,000 60.000 70,000 5,000 70,000 100,000 500 4,5002.000 31,000 35,000 100,000 40,000 24,000 6,000 10,000 18,000 The common stock outstanding was 5,000 shares on January 1 and then 15,000 shares were sold on June 30. During 2017, the company paid a dividend of was sold during the year. The tax rate is 30% and 1 /2 of 2017 were paid in 2017 and the rest will be paid in 2018. The Note Payable requires an annual payment of $30,000 principal plus interest at 6% on December 31 of each year. (Note-this is a service company-no COGS No equipment For the year ended 2017 prepare a Balance Sheet, Income Statement, Statement of Owners' Equity and Statement of Cash Flows