please use everything I have posted to solve year 2 on page 100. thank you!!!

Problem 5-120 Fudge Sandwich Biz, Year 2. (2020) Bought 24,000 sandwiches at $1.00 each on account (on credit). Paid the beginning Accounts Payable. She also paid $23,000 on this years' purchases. She sold 24,000 sandwiches at $2 each. She paid wages of $12,000 plus she owed her workers $1,000 at the end of the year. On January 1 she purchased the cart she had been renting for $12,000 cash. She estimated the cart would last 12 years and then be worthless. She paid parking fees of $2,350 ($150 per month plus last year's accrual, plus Jan 2021). Business has been so good that Betty decided to expand. She got a loan from her parents interest free) of $16,000. She then purchased a second cart for $14,000 on January 1st that she expects will last for ten years and then be worth $1,000. Betty also sold another 100 shares of stock for $5,000 on October 1st to provide additional working capital. Taxes for the prior year were paid and taxes for the current year will be paid next year (same rate as last year). Prepare financial statements. innonton for Arial 14 Paste E Accounting $ % ) IM! 29 B 1 U A x fe-H44/(240-2/12)+(30010/12) B Conditional Format Call Formatting as Table Styles H46 A C D 1 K M N 4 6 7 8 Assets Current Assets Cash Inventory Total Current Assets $ 10 Bobcat Betty's Fudge Sandwich Business, Inc. Balance Sheet December 31, 2019 Liabilities Current Liabilities $ 38,400 Accounts Payable 4,000 Taxes Payable 42,400 Parking Fees Payable Total Current Liabilities Long-Term Debt None Total Liabilities Owners' Equity Common Stock Retained Earnings 500 Total Owners' Equity 4,000 3,360 500 7,860 11 12 Fixed Assets None 13 0 7,860 15 16 17 10 19 $ 30,000 5,040 Other Assets Security Deposit 35,040 20 Total Assets $ 42,900 Total Liabilities and Owners' Equity $ 42,900 21 22 23 24 25 26 27 Bobcat Betty's Fudge Sandwich Business, Inc. Income Statement For the Year Ended December 31, 2019 29 30 $ 40.000 Sales T-Accts JES En Sts + H46 x x H44/((240*2/12)+(300*10/12) B D G 21 22 23 24 25 26 27 28 20 Bobcat Betty's Fudge Sandwich Business, Inc. Income Statement For the Year Ended December 31, 2019 31 32 33 Sales Cost of Goods Sold Gross Margin $ 40,000 20,000 20,000 $ 35 36 37 38 39 8,500 1,800 1,500 Operating Expenses Salaries Expense Parking Fees Expense Cart Rental Expense Total Operating Expenses Operating Income Other Revenues & Interest Revenue Income Before Taxes Tax Expense Net Income 11,800 8,200 41 42 200 8,400 3,360 5,040 + 44 $ 45 Earings Per Share $ 17.38 47 LE 50 Bobcat Betty's Fudge Sandwich Business, Inc. Statement of Owners' Equity T-Acts Fin Sts JES MacBook Air X LE Arial 14 ' ' Pasta Accounting 1 - A HILL $ % ) Conditional te Formatting as H46 - x fx -H44/((240*2/12)+(300*10/12) 0 Eamings Per Snare T738 47 48 49 50 51 52 53 54 55 56 57 Bobcat Betty's Fudge Sandwich Business, Inc. Statement of Owners' Equity For the Year Ended December 31, 2019 Common Retained Shares Stock Earings Totals Beginning Balance $ $ Issuance of Stock 300 30,000 30,000 Net Eamings for the Year 5,040 5,040 Dividends Declared 0 0 Ending Balance 300 $ 30,000$ 5,040 $ 35,040 58 59 61 62 63 64 55 66 67 68 59 70 71 72 78 TA 75 75 77 28 + AutoSave S. fudge-1-betty-spring-2021.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Arial 12 = E General a $ % 9 Conditional Formatting M NOP o R STU V W Owners' Equity Common Stock 24,000 1 6,000 11 30,000 Revenues Sales 40.000 40,000 Expenses) Coat of Goods Sold 4 20.000 20.000 11 13 3 Interest Revenue 200 10 200 5 Retained Earnings OBB 5,040 13 35,040 Salaries Expense 8.500 8.500 13 13 OBB L26 xfx DEF G 1 Bobcat Betty's Fudge Sandwich Business, Inc. Year 1 2 Assets Liabilities 3 Cash Accounts Payable . BU 0 5 1 24,000 20,000 2 4,000 2 0 3 40,000 3.500 5 7 10 200 1,300 6 11 6,000 1,500 3 Parking Fees Payable 0 500 9 OBB 10 70.200 31,800 500 7 11 38.400 t2 13 Inventory Taxes Payable 14 BB 0 20,000 4 15 2 24 000 3,360 12 10 4,000 7860 17 10 19 20 21 22 25 244 25 20 27 Security Deposit 2 BB 28 500 30 31 42,900 32 T-Acts F Parking Fees Expense 6 1,300 7 500 1.800 1.800 13 Cart Rental 1.500 1,500 13 12 Tax Expense 3.360 3,360 13 MacBook Air 90 OD 24,000 See od 12 20,000 4.000 20,000 40,000 Bobcat Betty 0 Journal Entries Cash 24.000 Common Stock Record business goes 2 Inventory 24,000 Cash LAIP Record purchase 3 Cash 40,000 Sales Record sales 14 COGS 20,000 Inventory record cost of sales! 5 Salanes Expense 8.500 Cash Record Expenses. 6 Panling fce expense 1.300 Paning fee payable record parking fees 7 Parking fee 600 Ponting ree 8 Can Cental 11.500 Cash 20.000 8,500 1,300 1,500 d Pages 500 500 page 12. same e prior 1/ Cash 200 9 Becuzly leposit Payment of so 10 Cash 16,000 Common Stock 16,000 Interest few 200 12 Tax Expense 3,360 Taxes Payable 3.360 13 Sales 40,000 Interest le 200 COGS 20.000 Salary Exp 8.500 Parking fee Exp 1.800 Cat Rental Ree 1,500 Tax Expense 3.360 RIE 5.040 To close Vr 1 17000 170,060 Problem 4-218 Bobcat Betty's Fudge Sandwich Business Year 2019. It was January 1, 2019 and Bobcat Betty had $24,000 and decided she wanted to become rich. She decided to operate as a corporation so she filed the necessary papers with the State, put the money in the bank under the company name and issued 240 shares of common stock to herself. On January 1 she paid $1,500 to rent a cart for one year. During the year she bought 24,000 fudge sandwiches for $1.00 each. She paid $20,000 cash for the sandwiches and owed $4,000 at the end of the year. She sold 20,000 sandwiches at $2.00 each. In addition she paid salaries of $8,500 and parking fees of $1,300. At the end of the year, in addition to what she owed for sandwiches, she owed $500 in parking fees. To secure her parking spot, Bobcat Betty had put down a $500 security deposit at the beginning of the year. Bobcat Betty's kept some of her cash in an interest bearing account and the bank paid her $200 in interest income during the year. Bobcat Betty issued an additional 60 shares of common stock on March 15 for $6,000. The tax rate is 40% and taxes are to be paid on March 15th of the following year. Record all transactions, post to T accounts and prepare financial statements