Question: Mr. Davis formed the Java Specialty Shoppe in August of last year to sell specialty products associated with coffee and tea drinkers. Mr. Davis invested

Mr. Davis formed the Java Specialty Shoppe in August of last year to sell specialty products associated with coffee and tea drinkers. Mr. Davis invested $11,000 of his own money to start the company. For the first five months Mr. Davis ran the business as a mail order company out of his home while still working full-time as a salesman for the food service division of a major food manufacturer.

On January 1st of the following year, he moved the business into a small store in a shopping mall. While Mr. Davis was reasonably confident that the store would be successful, he decided to keep his full-time position with the food manufacturer for the time being and hire full and part-time staff to run the new store. The Balance Sheet for the company as at December 31st, last year is shown below.

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