The following information relates to Mike's lawn care business for 2011, its first year of operation:
Issued stock for $75,000.
On Jan 1, 2011, borrowed $100,000 from a bank. The interest rate is 10% annually, and principal and interest are due Jan 1, 2012.
During December, collected $7,399 in cash for service to be performed in Jan 2012.
Provided a total of $109,710 worth of goods and services during 2011.
Collected a total of $32,416 in cash for those goods and services given in 2011.
Paid for and used up $63,912 of supplies during 2011.
Based on the above information, what are the ending balances for Assets, Liabilities, and Equity for Mike's company for 2011?
Assets = 228,197, Liabilities = 117,399, Equity = 110,798
Assets = 260,613, Liabilities = 117,399, Equity = 143,214
Assets = 220,798, Liabilities = 110,000, Equity = 110,798Assets = 228,197, Liabilities = 107,399, Equity = 120,798
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