Balance sheet and cash flow 202 Owners' Equity Homework Problem 1 The following...
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Accounting
Balance sheet and cash flow
202 Owners' Equity Homework Problem 1 The following bal lances are from the Cheyenne's Accounting Company 2018 2017 10,000 20,000 42,000 Cash Accounts Receivable Prepaid Rent 50,000 3,000 4,000 000 180,000 60,000 50,000 70,000 40,000 5,000 10,000 Accumulated Depreciation Accounts Payable Salaries Payable Taxes Payable Note Payable 70,000 100,000 Common Stock ($1 Par) 18,000 35,000 100,000 40,000 24,000 6,000 10,000 Paid In Capital Retained Earnings 31,000 Accounting Fees Salary Expense Rent Expense Interest Expense Depreciation Expense The common stock outstanding was 500 shares on January 1 and then 1,500 shares were sold on June 30. During 2018, the company paid a dividend of sold during the year. The tax rate is 30% and 1/2 of 2018 were paid in 2018 and the rest wil be paid in 2019. The Note Payable requires an annual payment of $30,000 principal plus nterest at 6% on December 31 of each year. (Note-this is a service company. no OGSI) No equipment was or the year ended 2018 prepare a Balance Sheet, Income Statement, Statement of wners' Equity and Statement of Cash Flows. 9
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