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Unformatted text preview: Bobcat, Inc. Page 31 Net income $2,800 Total assets $73,400 P 3-1 Net income $7,700 Total assets $169,700 Cash 30000 100C stock 8 fluffs for $3k each = $24K Sold 5 fluffs fr $7K = $35K Security Dep = $2K Adv Exp = $$3K Rent = $12K Land = $40K 200 more shares of stock tax rate = 30% and you pay 50% of these taxes Fl 2 1Cash 30,000 Common Stock 20,000 Long Term Debt Payable Uncle Mike 10,000 To Being Fluffs Inc 2Inventory 24,000 Cash 24,000 To record purchase of initial inventory (8) 3Sales 35,000 Inventory 15,000 Cost of Goods Sold 20,000 To record sales of (5) fluffs to customers 4Cash 2,000 Security Deposit 2,000 To record payment of security deposit 5Cash 3,000 Advertising Expense 3,000 To record payment of advertising expense 6Cash 12,000 Rent Expense 12,000 To record payment of full year rental expense 7Land 40,000 Common Stock 40,000 To record investing additional land into business in exchange for 200 shares of stock 8Cash 1,000 Interest Expense 1,000 To record payment of interest expense...
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- Spring '10