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1. Trattoria declared a dividend in 2020 of $22,000, which is payable on January 31,2021. 2. During the month of December, Trattoria settled warranty claims
1. Trattoria declared a dividend in 2020 of $22,000, which is payable on January 31,2021. 2. During the month of December, Trattoria settled warranty claims with customers by issuing in-store credit totalling $14,000. 3. On August 1, 2020, Trattoria obtained a $10,800 five-year loan with annual equal principal repayments of $2,160 due on July 31. Interest at 10% per year is payable every six months on January 31 and July 31. 4. In December, the company withheld deductions totalling $5,600 from its employees, which will be remitted on January 15 , 2021. 5. During 2020 , customers purchased five-year extended warranty plans totalling $38,000. Management expects that claims under these warranties will be equal in each year of the warranty period. 6. During the December holiday shopping period, the company sold $5,000 in gift cards. 7. During 2020, Trattoria obtained a $5,500 loan with a three-year term from a bank. The loan contains a current ratio requirement, which the company breached on December 31. Breaching this requirement can trigger immediate repayment of the loan
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