Photo doesn't come through very well Presented below are selected accounts of Tamarisk Company at December 31, 2020 Inventory (finished goods) $ 56,300 Cost of Goods Sold $2,134,500 Unearned Service Revenue 99,900 Notes Receivable 41,000 Equipment 258,800 Accounts Receivable 171,010 Inventory (work in process) 39,400 Inventory (raw materials) 186,240 Cash 46,300 Supplies Expense 59,680 Debt Investments (trading) 38,100 Allowance for Doubtful Accounts 13,110 Customer Advances 37,900 Licenses 19,680 Restricted Cash for Plant Expansion 59,200 Additional Paid in Capital 87,790 Treasury Stock 22,670 The following additional information is available 1 Inventories are valued at lower of cost or market using LIFO 2 Equipment is recorded at cost Accumulated depreciation, computed on a straight line basis, is $54,682 3 The short term investments have a fair value of $31,290 4 The notes receivable are due April 30, 2022, with interest receivable every April 30 The notes bear interest at 6 ( Hint Accrue interest due on December 31, 2020 ) 5 The allowance for doubtful accounts applies to the accounts receivable Accounts receivable of $53,900 are pledged as collateral on a bank loan 6 Licenses are recorded net of accumulated amortization of $13,390 7 Treasury stock is recorded at cost Exercise 5 7 Presented below are selected of Tamaris Corowe 1 2020 Imery (hed goods) $56 300 Codesa Uneared Service Revenge $2 134 500 9 990 Not Receive 41 000 231 000 A Reable 171 010 35,400 Intyre materials 16340 C 46,300 Suppen 59 BD Debt investments rading 3 100 Alice for 12 10 37 900 Restricted Cash for Pantang 59 200 Anal Poid ra 20 Treasury Steak 2270 The following in Wormation is wat 1 Investors are velvet marketing LIFO 2 Eesti recorded at coat Remde 1 The term investments have a far valve 131 29 Cordon B 412 4 The notes receivable are due 30, 2022 the cable every The 5 The acordo complete the real been resive de December 31, 2003 900 gedono bankas 6 Licence of condam of $13,193 7 Traded on Prere the two of Tamil Come Dec2000, nedider of distory and do not provide the descrito provided TAMARISCOPANY Balance Sheen) V Chick Wwwe tew Work for Danmark

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Photo doesn't come through very well. Presented below are selected accounts of Tamarisk Company at December 31, 2020. Inventory (finished goods) $ 56,300 Cost of

Photo doesn't come through very well.

Presented below are selected accounts of Tamarisk Company at December 31, 2020.

Inventory (finished goods)	$ 56,300	Cost of Goods Sold	$2,134,500
Unearned Service Revenue	99,900	Notes Receivable	41,000
Equipment	258,800	Accounts Receivable	171,010
Inventory (work in process)	39,400	Inventory (raw materials)	186,240
Cash	46,300	Supplies Expense	59,680
Debt Investments (trading)	38,100	Allowance for Doubtful Accounts	13,110
Customer Advances	37,900	Licenses	19,680
Restricted Cash for Plant Expansion	59,200	Additional Paid-in Capital	87,790
		Treasury Stock	22,670

The following additional information is available.

1.		Inventories are valued at lower-of-cost-or-market using LIFO.
2.		Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $54,682.
3.		The short-term investments have a fair value of $31,290.
4.		The notes receivable are due April 30, 2022, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.)
5.		The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $53,900 are pledged as collateral on a bank loan.
6.		Licenses are recorded net of accumulated amortization of $13,390.
7.		Treasury stock is recorded at cost.

image text in transcribed

Exercise 5-7 Presented below are selected of Tamaris Corowe 1.2020 Imery (hed goods) $56.300 Codesa Uneared Service Revenge $2.134.500 9.990 Not Receive 41.000 231.000 A Reable 171.010 35,400 Intyre materials 16340 C 46,300 Suppen 59.BD Debt investments rading 3.100 Alice for 12.10 37.900 Restricted Cash for Pantang 59.200 Anal Poid-ra 20 Treasury Steak 2270 The following in Wormation is wat 1. Investors are velvet marketing LIFO 2. Eesti recorded at coat. Remde 1. The term investments have a far valve 131.29 Cordon B.412 4. The notes receivable are due 30, 2022. the cable every The 5. The acordo complete the real been resive de December 31, 2003 900 gedono bankas 6. Licence of condam of $13,193 7. Traded on Prere the two of Tamil Come Dec2000, nedider of distory and do not provide the descrito provided TAMARISCOPANY Balance Sheen) V Chick Wwwe tew Work for Danmark