The transaction or events during 2018: The company collected 450,000 of the accounts receivable in cash. The company paid the $40,000 of taxes it owed On March 1, the company bought a 12 months insurance policy for $3, 400 The company wrote off one $5,000 accounts receivable from S. Doe On July 1, the company bought a car for $30,000. The company paid 49,000 of accounts payable in cash The company bought 90,000 units of inventory for $31 each in cash. The company paid the rent it owed as of December 31, 2017 during January 2018 The company paid rent for the months January through December of $300,000 The company paid rent for the month January through December of $300,000 During the year, the company paid salaries of $60,000 On Dec, 31, the company paid cash dividends of $4,000. On Dec 1, the company bought another 20,000 units of inventory for $32 on account. On Dec, 20, the company sold 120,000 units for $30 each, 140,000 were sold for cash, and 20,000 on account. [The company accounts for its inventory on the LIFO basis, to the last bought are the final individual sold.] The company on the equipment using the straight line method. The equipment is two years old. It had a cost of 400,000, salvage values of $40,000, and an life of 4 years. The company recorded depreciation on the car, using the straight line method, assuming it has a five year life, and salvage value of $6,000. The company made the appropriate to reflect the fact that insurance policy only had months left of effectiveness. Should be two more months. The company the interest that had been built up on the long-term The money borrowed on Dec 31, 2017. No payments of interest or principal were time is 2019.Show transcribed image text The transaction or events during 2018: The company collected 450,000 of the accounts receivable in cash. The company paid the $40,000 of taxes it owed On March 1, the company bought a 12 months insurance policy for $3, 400 The company wrote off one $5,000 accounts receivable from S. Doe On July 1, the company bought a car for $30,000. The company paid 49,000 of accounts payable in cash The company bought 90,000 units of inventory for $31 each in cash. The company paid the rent it owed as of December 31, 2017 during January 2018 The company paid rent for the months January through December of $300,000 The company paid rent for the month January through December of $300,000 During the year, the company paid salaries of $60,000 On Dec, 31, the company paid cash dividends of $4,000. On Dec 1, the company bought another 20,000 units of inventory for $32 on account. On Dec, 20, the company sold 120,000 units for $30 each, 140,000 were sold for cash, and 20,000 on account. [The company accounts for its inventory on the LIFO basis, to the last bought are the final individual sold.] The company on the equipment using the straight line method. The equipment is two years old. It had a cost of 400,000, salvage values of $40,000, and an life of 4 years. The company recorded depreciation on the car, using the straight line method, assuming it has a five year life, and salvage value of $6,000. The company made the appropriate to reflect the fact that insurance policy only had months left of effectiveness. Should be two more months. The company the interest that had been built up on the long-term The money borrowed on Dec 31, 2017. No payments of interest or principal were time is 2019.
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