Prepare an income statement and a balance sheet

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Problem - Everyone in the class invested $60.00 each in Brayden's Bodacious Biff's. For your investment you each got 1 share of common stock. Assume there are 100 of you. During 2019, BBB, Inc. borrowed $100,000 to be repaid in five years with interest of 10% be paid yearly, bought a piece of land for future expansion of the business for $32,000, $2,000 down and the rest to be paid next year. Also during the year, the company purchased 10,000 Biffs for $8 each and sold 9,000 for $20 each. The company also paid a security deposit of $6,000 on the building it is renting, rent of $12,000, salaries of $24,000, and the interest on the loan of $10,000. Taxes for 2019 were 30% and these will be paid in 2020. How did you do?

Prepare an Income Statement and a Balance Sheet.

Reference no: EM132220427

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