Question

The balance sheet and income statement of Cookie & Coffee Creations Inc. for its first year of operations, the year ended October 31 . 2021, follows. Accumulated depreciation-computer equipment Kitchen equipment

29,000
(600)
​
3,600 Accumulated depreciation-kitchen equipment Total assets
(2,050)
​

$155,466
26,950
​
Liabilities and Stockholders' Equity Current liabilities Accounts payable Income tax payable Dividends payable $5,848 Salaries and wages payable 19,690 Interest payable Note payable-current portion 4000$32,676 Long-term liabilities Note payable-loong-term portion Total liabilities
38,676
6,000
​
Total liabilities 38,676 Stockholders' equity Paid-in capital Preferred stock, 2,800 shares issued and outstanding Common stock, 25,930 shares issued, 25,180 outstanding Retained earnings Total paid-in capital and retained earnings COOKIE 9 COFFEE CREATIONS INC. Income Statement Year Ended October 31, 2021 Sales revenue $462,500 Additional information: Additional information: Natalie and Curtis are thinking about borrowing an additional $20,000 to buy more kitchen equipment. The loan would be repaid over a 4 -year period. The terms of the loan provide for equal semiannual installment payments of $2,500 on May 1 and November 1 of each year, plus interest of 5% on the outstanding balance. 8. Asset turnover 9. Return on assets 10. Return on common stockholders' equity

Answer 1

Answer:Balance Sheet and income

Step-by-step explanation:

The balance sheet and income statement of Cookie & Coffee...

The balance sheet and income statement of Cookie & Coffee Creations Inc. for its first year of operations, the year ended October 31, 2017, follows.

COOKIE & COFFEE CREATIONS INC.

Balance Sheet

October 31, 2017

Assets

Current assets

Cash $86,219

Accounts receivable 3,250

Inventory

17,897

Prepaid expenses 6,300 $113,666