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Remaining Time: 1 hour, 03 minutes, 02 seconds. Question Completion Status: Kirch's Pumpkin Patch, Inc. (KPP Inc.). You will need the following information to answer the next six questions. PLEASE NOTE- these facts will only be presented in this question Listed below are the accounts and their respective balances for KPP Inc. at December 31, 2019 Cash $ 40.000 Accounts Receivable 25,000 Allowance for Doubtful Accounts 1,000 Inventory (4.000 Pumpkins @ 55 each) 20,000 Prepaid Rent 2.000 Land 120,000 40.000 14250 Equipment Accumulated Depreciation Security Deposit Accounts Payable Taxes Payable 3,000 14.000 3,000 Wages Payable 8.000 Note Payable Common Stock (200 shares) 70,000 60,000 Retained Emings 79,750 During 2020 the following transactions occurred: Pad prior year's accounts payable Received prior year's accounts receivable Purchased 13.000 Pumpids at each Paid 70% down and will pay the roster Sold 14,000 Pumpkins for $12 each with 80% down (cash) and the other 20% will get later Wrote of $1.200 of uncollectible accounts receivable Paid 2019 payable Paid cash for wages of $24.000 Paid nine months' rent$9.000 (Be careful Paid $4.000 for advertising for 2020 Sold 200 shares of common stock for $400 each on August 31, 2020 Paid velity bal for 2020 - $2.000 On Dec 31, paid annual payment on note payable of $10.000 principal plus 53,500 interest Paid a 52,200 dividend to shareholders on December 31, 2020, Also, during the year the company paid 50% of the 2020 taxes. They will pay the rest next year. The tax rate is 30% The company uses the FIFO inventory system. Al December 31, 2020, the company estimates that of the Accounts Receivable will not be colectie At Dec 31, 2020, the company owed 52,000 in wages which had not yet been paid The equipment originally cost $40.000 had a eight year ife and was expected to be worth $2.000 at the end Remaining Time: 1 hour, 03 minutes, 02 seconds. Question Completion Status: Kirch's Pumpkin Patch, Inc. (KPP Inc.). You will need the following information to answer the next six questions. PLEASE NOTE- these facts will only be presented in this question Listed below are the accounts and their respective balances for KPP Inc. at December 31, 2019 Cash $ 40.000 Accounts Receivable 25,000 Allowance for Doubtful Accounts 1,000 Inventory (4.000 Pumpkins @ 55 each) 20,000 Prepaid Rent 2.000 Land 120,000 40.000 14250 Equipment Accumulated Depreciation Security Deposit Accounts Payable Taxes Payable 3,000 14.000 3,000 Wages Payable 8.000 Note Payable Common Stock (200 shares) 70,000 60,000 Retained Emings 79,750 During 2020 the following transactions occurred: Pad prior year's accounts payable Received prior year's accounts receivable Purchased 13.000 Pumpids at each Paid 70% down and will pay the roster Sold 14,000 Pumpkins for $12 each with 80% down (cash) and the other 20% will get later Wrote of $1.200 of uncollectible accounts receivable Paid 2019 payable Paid cash for wages of $24.000 Paid nine months' rent$9.000 (Be careful Paid $4.000 for advertising for 2020 Sold 200 shares of common stock for $400 each on August 31, 2020 Paid velity bal for 2020 - $2.000 On Dec 31, paid annual payment on note payable of $10.000 principal plus 53,500 interest Paid a 52,200 dividend to shareholders on December 31, 2020, Also, during the year the company paid 50% of the 2020 taxes. They will pay the rest next year. The tax rate is 30% The company uses the FIFO inventory system. Al December 31, 2020, the company estimates that of the Accounts Receivable will not be colectie At Dec 31, 2020, the company owed 52,000 in wages which had not yet been paid The equipment originally cost $40.000 had a eight year ife and was expected to be worth $2.000 at the end
