In early December Alice and Bob decided to open Sample Cafe with $15,000 of their own money and $20,000 borrowed from a friend. They have spent $13,000 on equipment and furniture, and they have purchased $3,100 worth of cups for cash which they expect will be used over the next three months. Having put down a $2,300 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January 1. In the balance sheet template below, fill in the appropriate values as of December 31.

In early December Alice and Bob decided to open Sample Cafe with $15,000 of their own money and $20,000 borrowed from a friend. They have spent $13,000 on equipment and furniture, and they have purchased $3,100 worth of cups for cash which they expect will be used over the next three months. Having put down a $2,300 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January 1. In the balance sheet template below, fill in the appropriate values as of December 31.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 71IIP

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