BBBB_Inc._Year_1 - Operating Expenses Salary Expense...

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BBBB, Inc. Balance Sheet December 31, 20x1 Assets Current Assets Liabilities Cash $151,000 Current Liabilities Inventory 8,000 Taxes Payable $18,600 Total Current Assets 159,000 Land Payable 28,000 Total Current Liabilities 46,600 Fixed Assets Long-Term Debt Land $30,000 Note Payable 100,000 Net Fixed Assets 30,000 Total Liabilities 146,600 Owners' Equity Other Assets Common Stock $5,000 Security Deposit 6,000 Retained Earnings 43,400 Total Owners' Equity 48,400 Total Liabilities & Total Assets $195,000 Owners' Equity $195,000
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BBBB, Inc. Income Statement For the Year Ended December 31, 20x1 Sales $180,000 Cost of Sales 72,000 Gross Profit 108,000
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Unformatted text preview: Operating Expenses Salary Expense $24,000 Rent Expense 12,000 Total Operating Expenses 36,000 Income from Operations 72,000 Other Revenues & <Expenses> Interest Expense < 10,000 > Income before Taxes 62,000 Tax Expense 18,600 Net Income $43,400 Earnings Per Share $434.00 $43,400/(100*12/12) BBBB, Inc. Statement of Owners' Equity For the Year Ended December 31, 20x1 Common Retained Stock Earnings Totals Beginning Balances, December 31, 20x0 $- $- $- Common Stock Issued 5,000 5,000 Net Income 43,400 43,400 Less: Dividends Declared < 0 > < 0 > Ending Balances, December 31, 20x1 $5,000 $43,400 $48,400...
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This note was uploaded on 09/12/2010 for the course ACCT 101 taught by Professor Drkirch during the Spring '10 term at Ohio University- Athens.

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BBBB_Inc._Year_1 - Operating Expenses Salary Expense...

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