QUESTION 6 Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following year. Balance Sheet (December 31, 20x0) Cash Rent Deposit Inventory Total Assets $14,900 $5,000 $20,000 $39,900 Loans Payable Total Liabilities Stock Retained Earnings Total Equity Total Liab. and Equity $9,500 $9,500 $25,000 $7,000 $32,000 $41,500

QUESTION 6 Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following year. Balance Sheet (December 31, 20x0) Update the Balance Sheet to reflect the results for the quarter. Transactions (January 1 - March 31, 20x1) \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Description } & Amount & \multicolumn{1}{c|}{ Comment } \\ \hline Product Purchased & $48,000 & 2,400 tops and 1,600 pants \\ \hline Receipts from sales & $100,000 & 4,000 units at average cost of $12 each \\ \hline Advertising /Promotion & $12,000 & increased promotion \\ \hline Payroll Expense & $25,000 & includes taxes and benefits \\ \hline Other Expense & $10,000 & includes $1,000 in shrinkage \\ \hline Loan Payment & $1,000 & principal reduction \\ \hline \end{tabular} QUESTION 6 Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following year. Balance Sheet (December 31, 20x0) Update the Balance Sheet to reflect the results for the quarter. Transactions (January 1 - March 31, 20x1) \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Description } & Amount & \multicolumn{1}{c|}{ Comment } \\ \hline Product Purchased & $48,000 & 2,400 tops and 1,600 pants \\ \hline Receipts from sales & $100,000 & 4,000 units at average cost of $12 each \\ \hline Advertising /Promotion & $12,000 & increased promotion \\ \hline Payroll Expense & $25,000 & includes taxes and benefits \\ \hline Other Expense & $10,000 & includes $1,000 in shrinkage \\ \hline Loan Payment & $1,000 & principal reduction \\ \hline \end{tabular}