Problem $2-1$

Module $2$ Homework

Your friend Logan has decided to open a business selling boats to be called Logan's Boats, Inc. Ho starts with $$600,000$ of his own money, in exchange for $5,000$ shares of stock on January $1,20$X$0.$ To help fund the busines you loan the company $$100,000$ that the company will pay interest on annually at $10\%$ and will pay you back in $5$ years. During the year the company bought $20$ boats for $$11,000$each. The company sold $15$ of these for $$20,000$ each. The company also paid wages of $$11,000,$ reat of $$10,000.$ interest on the loan, and advertising of $6,000.$ The company also had to put doswn a secunty deposit for this $10-$year lease of $1,000.$ On June $1,20$X$0,$ Logan also decides to invest a picee of land into his busineas valued at $$40,000$ in exchange for $400$ shares of stock. Al the end of the year, the company owes the employees $1,000$ in wages The company paid a dividend io the investors of $$2,000.$ The tax rate is $30\%.$ The compuny pays half of $20$ XO taxes this year and the other half in $20$XI

Create Journal Entries, i$-$accounts and the Income Statement, Statement of Owners' Equity, and Balance Sheet.

Problem $2-2$

The Jock Co carned $$550,000$ last ycar. The company had $100,000$ shares outstanding on January $1,$ sold $12,000$ shares on March I and sold $7,000$ shares on September $1.$ The Jack Co$.$stock sells for $$50$ per share

Calculate the EPS for Jack

Problem $2-3$

HW $\frac{9}{10}$

Jill Company camed $5600,000$ last year The company had $5,000$ shares of common stock outuanding on January $1,$ sold $3,000$ shares on May $31$ and sold $6,000$ shares on September $30.$

Calculate the EPS for JIIL.

May $31$ and sold $6,000$ shares $on$ September $30$

$\frac{?}{?}$& LAST day $of$ mon $th=st$ day $of$

follow ung $moth$

following mu th

ALSO FIND FOR $20$x$9$ bella company earned $100,000.$The company had $6,000$ shares outstanding on january $1,$ sold $2,000$ shares on March $1$ and sold $4,000$ shares on June $1$ and another $4,000$ on july $1.$ Calculate tye EPS for bella