Events Acct Rec Inventory Cash $ 550,000 $ 1.500,000 $ (300,000) $ 28,750 $ 52.500 $ (17,250) $ 70,000 $(70.000) $(17.250) $ 255,000 $ 612,500 $ (259,000) $ 472,500 $ (472,500) $ (118,600) $ 371,250 1.Acquired $550.000 by signing a note payable with a local bank 2. Sold 25,000 shares of $22 Common Stock for $1,500,000 3. Purchased Equipment 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit 5a. Sold 15,000 units at $3.50 on Account 5b. COGS for Sales on Account 6. Collect $70,000 on Account 7. Paid $17.250 of Accounts Payable 8. Purchased Inventory on Account - 170,000 Units at $1.50 per unit 9a. Sold 175,000 units at $3.50 on Account 9. COGS for Sales on Account 10. Collect $472,500 on Account 11. Paid $118,600 of Accounts Payable 12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit 13a. Sold 200,000 units at $3.50 on Account 13b. COGS for Sales on Account 14. Collect $735,000 on Account 15. Paid $294,150 of Accounts Payable 16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit 17. Record Sales & Marketing Expenses of $30,000 18. Record Operating Expenses of $75,708 19. Record Wage Expenses of $40,000 20. Record Product Line Research & Development Expenses of $150,000 21. Record Advertising Expenses of $87,500 22. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 23. Record Yr 1 Depreciation on Equipment with Salvage Value of $38,000 & useful life of 7 Yrs 24. Declared a $10,000 cash dividend for stockholders $ 700,000 $ 270,750) $ 735,000$ (735,000) $ (294,150) $ 345,000 $ (30,000) $ 175,708) $ (150,000) $ (87,500) $ (88,500) 1 Goods Available for Sale Price! Units Unit Total $ Cost of Goods Sold Price! Units Unit Total Ending Inventory Price/ Units Unit Total 2 - Beg Bal Purchases: 5 6 7 9 10 11 12 13 Total 15 NOTE: You will need to calculate your estimated COGS for the budget template tab using the Weighted Avergae 16 method discussed in L05-6 18