During $202$ the following transactions occurred:

Paid prior year's accounts payable.

Received prior year's accounts receivable.

Purchased $1,000$ Carriages at $$240$ each.

Paid $80\%$ down and will pay the rest later.

Sold $800$ Carriages for $$420$ each with $70\%$ down $($cash$)$ and the other $30\%$ will get later.

Wrote off $$800$ of uncollectible accounts receivable.

Paid $201$ taxes payable.

Paid cash for wages of $$60,000.$

Paid fourteen months' rent, $$14,000.($Be careful!$)$

Paid $$4,000$ for advertising for $202.$

Sold $5$ shares of common stock for $$3,500$ each on September $30,202.$

Paid utility bill for $202-$ $$2,000.$

On Dec $31,$ paid annual payment on note payable of $$10,000$ principal plus $9,000$ interest.

Paid a $$5,000$ dividend to shareholders on December $31,202.$

Also, during the year the company paid $50\%$ of the $202$ taxes. They will pay the rest next year. The tax rate is $30\%.$ The company uses the FIFO inventory system.

At December $31,202,$ the company estimates that $3\%$ of the Accounts Receivable will not be collectible.

At Dec $31,202,$ the company owed $$10,000$ in wages which had not yet been paid.

The equipment originally cost $$220,000,$ had a twenty$-$year life and was expected to be worth $$20,000$ at the end.