The following is a balance sheet for Tango Inc. at the end of its first year of trading:
Tango Inc.Balance Sheetat December 31, 2015
During 2016, the following transactions took place:
1.The owners withdrew equity in the form of cash of $40,000.
2.Premises continued to be rented at an annual rental of $40,000. During the year, rent of $30,000 was paid.
3.Insurance on the premises was paid during the year as follows: for the period April 1, 2016 to March 31, 2017 for $2,600
4.A second piece of plant and equipment was bought on January 1, 2016 for $26,000. This is expected to be used in the ...