Question: what would a balance sheet look like for this? 52 BBBB, Inc. Balance Sheet December 31, 2019 Assets Liabilities Current Assets Cash Current Liabilities Taxes
52 BBBB, Inc. Balance Sheet December 31, 2019 Assets Liabilities Current Assets Cash Current Liabilities Taxes Payable Note Payable-Land Total Current Liabilities $ 18,600 28.000 46,600 $ 151,000 8,000 159,000 Merchandise Inventory Total Current Assets Fixed Assets Land Long-Term Liabilities Note Payable-Bank Total Liabilities 100,000 146,600 30,000 Other Assets Security Deposit 6,000 Owners' Equity $ 5,000 43,400 Common Stock Retained Earnings Total Owners' Equity Total Liabilities and Owners' Equity 48.400 Total Assets $195,000 $195,000 During 2020 the company 120, 000 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 1st. On December 31, bought a truck for $40,000, cash. On December 31, paid $50,000 Paid 2018 taxes Tax rate is 30% and 2020 taxes will be paid in 2021. on the note payable to bank and $10,000 interest
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