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The following information relates to Mikes lawn care business for 2011, its first year of operation: Issued stock for $75,000. On Jan 1, 2011, borrowed
The following information relates to Mikes lawn care business for 2011, its first year of operation:
- Issued stock for $75,000.
- On Jan 1, 2011, borrowed $100,000 from a bank. The interest rate is 10% annually, and principal and interest are due Jan 1, 2012.
- During December, collected $7,399 in cash for service to be performed in Jan 2012.
- Provided a total of $109,710 worth of goods and services during 2011.
- Collected a total of $32,416 in cash for those goods and services given in 2011.
- Paid for and used up $63,912 of supplies during 2011.
Based on the above information, what are the ending balances for Assets, Liabilities, and Equity for Mikes company for 2011?
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