Kobe Corporation ("Kobe") was organized on January 1,2019 and provides sports agent services. At December...
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Accounting
Kobe Corporation ("Kobe") was organized on January 1,2019 and provides sports agent services. At December 31, 2019, Kobe had the following financial data for the year: Accounts payable $ 210,000 Accounts receivable, net $ 250,000 Cash $ 185,000 Common stock $ 125,000 Equipment, net $ 125,000 Income tax rate 25% Note payable $ 112,500 Total operating expenses $ 130,000 Total sales revenue $ 280,000 Kobe did not declare or pay dividends in 2019 The beginning balances in retained earnings and common stock are $0 as the business was started in 2019. REQUIRED: Prepare a summarized income statement for the year. Prepare a statement of stockholders equity for the year. Prepare a balance sheet for the year
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