'Accounts Receivable Homework veyor of fine, fine things, had the following balances at December 31, 2016: 42,000 60,000 1,000 Accounts Allowance for doubtful accts nvento Equipment Accumulated Depreciation-Equipment Land Receivable 50,000 (1 thing) 190,000 60,000 50,000 20,000 40,000 Accounts Payable Salary Payable Rent Payable Taxes Payable Long-Term Debt Common Stock ($1 per share) Retained Earnings 2,000 80,000 90,000 133,000 During 2017 the following transactions occurred: Jan 1, received all beg A/R and paid all Beg A/P Mar 1, bought 2 things for S60.000 each. (Paid 25% down and rest payable in one year) April 15, paid year 2016 taxes payable May 1, sold one thing for $120,000 (received 3/4 down and the rest in one year) May 15, bought 1 thing for $80,000 (Paid 25% down and rest payable in one year) July 1, company wrote off $600 in bad debts July 1, sold one thing for $160,000 (received 75% down and the rest will be paid in one year) Aug 1, purchased piece of equipment for $10,000 cash. Sept 1, exchanged 40,000 shares of common stock for piece of land worth $40,000. Dec 1, declared and paid $.10 per share dividend. Dec 31, paid an annual payment on long term debt- $28,000. Of that amount, $8,000 was for interest and $20,000 was for principal. During the year the company paid 15 months' rent of $15,000. Also during the year the company paid salaries of $12,000 in cash, and at the end of the year they owed $3,000 for salaries. Depreciation for the year is $10,000. The long-term debt is payable in $20,000 principal payments plus interest of 10% each December 31 . The tax rate is 30% and d year the company paid 2016 taxes payable and 50% of 2017 taxes. T FIFO inventory system. The company estimates that 2% of its receivables will ulti uncollectible. Journalize the above transactions and post them to T-Accounts any necessary adjustments. Prepare a P&L, Statement of Owners' E Sheet and Cash Flow Statement for the year 2017. uring the he company uses the mately be . Prepare quity, Balance