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150 Accounts Receivable Homework Problem 112 Charleigh Co, purveyor of fine, fine things, had the following balances at December 31, 2019 Cash 44,000 Accounts Receivable 60,000 Allowance for doubtful accts 1,000 Inventory 50,000 (1 thing) Equipment 190,000 Accumulated Depreciation-Equipment 60,000 Land 50,000 Patent 20.000 Accounts Payable 42,000 Salary Payable 4,000 Rent Payable 2.000 Taxes Payable 2.000 Long-Term Debt 80.000 Common Stock ($1 per share) 90,000 Retained Earnings 133,000 During 2020 the following transactions occurred: Jan 1. received all beg A/R and paid all Beg AP Mar 1. bought 2 things for $60,000 each. (Paid 25% down and rest payable in one year) April 15. paid year 2019 taxes payable May 1 sold one thing for $120,000 (received 3/4 down and the rest in one year) May 15, bought 1 thing for $80,000 (Paid 25% down and rest payable in one year) July 1, company wrote off $600 in bad debts July 1, sold one thing for $160,000 (received 75% down and the rest will be paid in one year) Aug 1 purchased piece of equipment for $10,000 cash. Sept 1. Sold 40,000 shares of common stock for $40,000 Oct 1. Purchased a piece of land for $50,000 Dec 1, declared and paid $.20 per share dividend Dec 31, paid an annual payment on long term debt- $28,000. Of that amount, $8,000 was for interest and $20,000 was for principal During the year the company paid 15 months' rent of $15,000. Also during the year the company paid salaries of $12,000 in cash, and at the end of the year they owed $3,000 for salaries. Depreciation for the year is $10,000. The long-term debt is payable in $20,000 principal payments plus interest of 10% each December 31. The tax rate is 30% and during the year the company paid 50% of 2020 taxes. The company uses the FIFO inventory system. The company estimates that 3% of its receivables will ultimately be uncollectible. Journalize the above transactions and post them to T-Accounts. Prepare any necessary adjustments. Prepare a P&L, Statement of Owners' Equity, Balance Sheet and Cash Flow Statement for the year 2020