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Can I get help with this question? Ill give thumbs up if correct :) Thank you in advance! Mary opened a Pizza restaurant at 1/1/2020
Can I get help with this question? Ill give thumbs up if correct :) Thank you in advance! Mary opened a Pizza restaurant at 1/1/2020 with her own money in a small town along the long river. Business was so good for the first quarter. Unfortunately, business began to struggle due to the Covid-19 pandemic and a wildfire. She concluded that she would need additional cash so started a loan application with a local bank. In the application, Mary was puzzled by a question: What are current assets under GAAP at 12/31/2020? Mary asked you for help and gave the following information Cash receipts (1/1/2020 - 12/31/2020) From customers: $80,000 From bank loan: $12.000 Cash payments (1/1/2020 - 12/31/2020) Purchase of hour, tomato, and cheese: $30,000 Utilities: $5,000 Salaries: $8,000 Rent: $15,000 Inventory (flour, tomato, and cheese) on hand at 12/31/2020 costs $10,000 On June 30, 2020, Mary borrowed $12.000 at 10%, The note is payable on June 30, 2023 with semi-annual interest payment The following amount is owed by Mary at 12/31/2020 $5,000 to suppliers of flour, tomato, and cheese $2,000 to utility company The following amount is due to Mary at 12/31/2020 $9.000 from customers Rent for the space is $1,000 per month. $15.000 of tent was paid in advance on January 1, 2020, Mary recorded a loss of $8.000 due to a wildhire during 2020. IQJ Determine current assets under GAAP at 12/31/2020 The following amount is owed by Mary at 12/31/2020 $5,000 to suppliers of flour, tomato, and cheese $2,000 to utility company The following amount is due to Mary at 12/31/2020 $9.000 from customers Rent for the space is $1,000 per month. $15,000 of tent was paid in advance on Janu Mary recorded a loss of $8,000 due to a wildfire during 2020. (Q) Determine current assets under GAAP at 12/31/2020. None of the other answer choices are correct $80.000 $77,000 $67.000
Can I get help with this question? Ill give thumbs up if correct :)
Thank you in advance!
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