Everyone in the class invested $50.00 each in Braydens Bodacious Biffs. For your investment, you...
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Everyone in the class invested $50.00 each in Braydens Bodacious Biffs. For your investment, you each got 1 share of common stock. Assume there are 100 of you. During 20X0, BBB, Inc. borrowed $100,000 to be repaid in five years with interest of 10% be paid yearly, bought a piece of land for future expansion of the business for $40,000, $10,000 down and the rest to be paid next year. Also during the year, the company purchased 11,000 Biffs for $9 each and sold 10,000 for $20 each. The company also paid a security deposit of $5,000 on the building it is renting, rent of $6,000, salaries of $30,000, and the interest on the loan of $10,000. Taxes for 20X0 were 30% and these will be paid in 20X1.
Complete the accounting cycle.
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