page 76 has the begging balance on it. i believe the BB is $60,800

Problem 4-10 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 rent of $12,000 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. 76 BB 60,800 10.000 10.00 Full In Balance Sheet December 31, 2019 Current Assets Assets Liabilities Cash Current Liabilities 600 $22.400 Inventory 5 Tases Payable 9.000 Total Current Assets 31.400 Long-Term Liabilities Note Payable- Mike Fixed Assets Total Liabilities Land 40,000 Owners Equity 60.000 Other Assets Common Stock 2.800 Security Deposit Retained Earnings 2.000 Total Owners' Equity 62.800 Total Assets $71.400 Total Liabilities & Owners' Equity 573.400 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 2.000 15.000 5,000