Question

can you help me finish the statement of owners equity

$ 18,600 28,000 46.600 BBBB, Inc. Balance Sheet December 31, 2019 Assets Current Assets Liabilities Cash Current Liabilities $ 151,000 Merchandise Inventory Taxes Payable 8,000 Total Current Assets Note Payable-Land 159,000 Total Current Liabilities Fixed Assets Long-Term Liabilities Land 30,000 Note Payable-Bank Total Liabilities Other Assets Security Deposit 6,000 Owners' Equity Common Stock (100 shares) Retained Earnings Total Owners' Equity Total Liabilities and Total Assets $ 195,000 Owners' Equity 100.000 146,600 5,000 43,400 48,400 $195.000 During 2020 the company Purchased 15,000 biffs at $8 each. Paid $100,000 cash and will pay $20,000 next year. Sold 11,000 biffs at $20 each Paid the $28,000 note on the land plus $2,000 interest Paid rent of $12,000 Paid salaries of $36,000 Issued 100 shares of common stock for $10,000 on June 1" On December 31, bought a truck for $40,000, cash. On December 31, paid $50,000 on the note payable to bank and $10,000 interest. Paid 2019 taxes Tax rate is 30% and 2020 taxes will be paid in 2021. Finish Financial Sheets

Answer 1

Income Statement
For the year ended December 31, 2020
Particular		Amount($)
Sales(11,000 X 20)		220,000
Less: Cost of goods sold
Opening stock	8,000
Purchase	120,000
less: Closing stock(5000 X 8)	(40,000)
Cost of goods sold		(88,000)
Interest expense		(12,000)
Rent		(12,000)
Salaries		(36,000)
Profit before taxes		72,000
Tax		(21,600)
Profit after tax		50,400

Balance Sheet

Balance Sheet
As on December 31, 2020
Assets	Amount	Liabilities	Amount
Current Assets		Current Liabilities
Cash (WN-1)	84,400	Taxes payable	21,600
Merchandize inventory	40,000	Account Payable	20,000
Total current assets	124,200	Total current liabilities	41,600
Fixed Assets		Long term liabilites
Land	30,000	Note payable-Bank	50,000
Truck	40,000	Total liabilities	91,600
Other assets
Security Deposit	6,000	Owners' Equity
		Common Stock(200 shares)	15,000
		Retained Earnings	93,800
Total Assets	200,400	Total liabilites	200,400

Working Note: Computation of closing balance of cash

Opening balance	151,000
Payment for purchase of biffs	(100,000)
Sale of biffs	220,000
Note on land paid	(30,000)
Rent Paid	(12,000)
Salaries paid	(36,000)
Common stock issued	10,000
Truck purchased	(40,000)
Payment of notes payable to bank	(60,000)
Tax paid	(18,600)
Closing balance	84,400