Prepare financials which also includes journal entries

Reference no: EM132680287

For additional info, prepaid insurance was paid last year for 10,800. Her beginning Accounts payable and receivable are 414,000 and 105, 600 respectively. She owed the workers $3,000 before. The sign depreciation per year is 900. Uncle Phil's interest is 8% of 150,000. Last year's taxes was 12, 750. Taxes are at 30% rate. She also prepaid rent for 1,000 last year

Beamer Biz Year 4, 2022, Paid her beginning accounts payable and received all owed her. Bought 5 Beamers, sold 10. Bought for $48,000 each, sold for $70,000. Bought for 25% down and the other T5% to be paid next year. Sold for 80% down with 20% to be paid next year. Paid workers what she owed them at the beginning plus $4,000 per month for eleven months. owed wages of $4,000 at the end of the year for December. Paid $3,000 for utilities. On January 1, she bought a pre- fabricated building to put on the land she invested in year 2019. The building cost $200,000. It is expected that the building will last ten years and then be worth about 25% of the originat cost. To buy the building, she took out a $160,000 interest-only mortgage from the bank and used $40,000 of the company's money. She must pay the bank 8% interest at the end of each year on the building's mortgage. The $160,000 wit! be due 10 years from the date of purchase. She paid the interest on the building's mortgage for Year 4 on December 31. On January 1, 2022 she spent $60,000 on furniture and ?xtures for the new building. It is estimated that these items wilt last 10 years and then be worth 10% of their value. She opened her new location on January 1. (She now operates two locations.) She paid 10.months' rent on her first iocation at $1,000 per month. She paid Uncle Phil the interest owed on December 31. Remember she expenses her insurance at 300 per month. Also, do not forget the depreciation on the sign. She paid last year's taxes. She paid a dividend of $30,000. She owes 2022 taxes at the end of the" year (same rate as East year).

Problem 1: Prepare Financials, which also includes Journal Entries & T-Accounts

Reference no: EM132680287

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