Barley & Hops Company was formed in 2014. During the year the company had the following events occur:
1. The company issued $100,000 in common shares for cash.
2. The company purchased equipment for $15,000, paying $5,000 down and signing a 1-year, 8% note for the balance.
3. The company hired 4 employees.
4. The company had sales of $250,000. All sales were on account.
5. The company incurred the following expenses: rent: $2,000, salaries: $20,000, advertising $2,000 and utilities $4,000. All expenses were paid in cash.

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The Answer of Barley & Hops Company was formed in 2014. During the year the company had the following events occur:
1. The company issued $100,000 in common shares for cash.
2. The company purchased equipment for $15,000, paying $5,000 down and signing a 1-year, 8% note for the balance.
3. The company hired 4 employees.
4. The company had sales of $250,000. All sales were on account.
5. The company incurred the following expenses: rent: $2,000, salaries: $20,000, advertising $2,000 and utilities $4,000. All expenses were paid in cash.

Barley & Hops Company Was Formed in 2014