the three financial statements are from the previous year.

Problem 5-5 Chris's Beamer Biz, Inc. Year 3 - 20X3 (See website for beginning balances) During the third year she paid the money she owed for last year's merchandise and received the money due her from last year's sales. Also, during the third year she bought 15 Beamers and sold 12. The Beamers cost her $45,000 each and she sold them for $66,000 apiece. Terms for purchasing and selling the Beamers remain the same. She paid rent of $17,000, which represented the current year's rent plus the rent she owed at the end of the prior year plus January of next year's rent. She paid cash wages of $30,000 and utilities of $3,000. She issued 100 new shares of common stock on September 1st for $10,000 in exchange for a billboard sign which she expects to last 10 years and then be worth $1,000. On October 1st she took out a one-year insurance policy for $3,600. She expenses the insurance at $300 per month. She paid her annual interest to Uncle Phil. She paid the taxes she owed at the end of last year. At the end of the year she owed wages of $3,000 and taxes for the year (tax rate remains 30% ). At December 31 , she paid a dividend of $12,000. You use the FIFO inventory system. So how did she do the third year? (Prepare Journal Entries, T-Accounts, and Financial Statements) CBB, Inc. Income Statement For the Year Ended December 31, 20X2 CB8, Inc. Statement of Owners' Equity For the Year Ended December 31, 20x2 Problem 5-5 Chris's Beamer Biz, Inc. Year 3 - 20X3 (See website for beginning balances) During the third year she paid the money she owed for last year's merchandise and received the money due her from last year's sales. Also, during the third year she bought 15 Beamers and sold 12. The Beamers cost her $45,000 each and she sold them for $66,000 apiece. Terms for purchasing and selling the Beamers remain the same. She paid rent of $17,000, which represented the current year's rent plus the rent she owed at the end of the prior year plus January of next year's rent. She paid cash wages of $30,000 and utilities of $3,000. She issued 100 new shares of common stock on September 1st for $10,000 in exchange for a billboard sign which she expects to last 10 years and then be worth $1,000. On October 1st she took out a one-year insurance policy for $3,600. She expenses the insurance at $300 per month. She paid her annual interest to Uncle Phil. She paid the taxes she owed at the end of last year. At the end of the year she owed wages of $3,000 and taxes for the year (tax rate remains 30% ). At December 31 , she paid a dividend of $12,000. You use the FIFO inventory system. So how did she do the third year? (Prepare Journal Entries, T-Accounts, and Financial Statements) CBB, Inc. Income Statement For the Year Ended December 31, 20X2 CB8, Inc. Statement of Owners' Equity For the Year Ended December 31, 20x2