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please help!! am stuck on A, B, and C The following selected transactions were taken from the books of Ripley Comparty for Year 1. 1.
please help!! am stuck on A, B, and C
The following selected transactions were taken from the books of Ripley Comparty for Year 1. 1. On February t. Year 1, borrowed $52,000 cash from the iocal bank. The note had a 8 percent interest rite and was due on June 1. Year 1. 2. Cash sales for the year amounted toi $230,000 plus sales tax at the rate of 7 percent. 3. Ripley provides 89 9- day warranty on the merchandise sold The warranty expense is estimated to be 4 percent of sales. 4. Poid the sales tax to the stare sales tax ogency on $185,000 of the sales 5. Paid the note due on June 1 and the related interest. 6. On November 1. Year 1, barroved 543,000 cash from the iocal bonk. The note had a 8 percent intereat rate ond a omeyeor tem to moturits 7. Pold 53.600 in wartanty repaim 8. A curtomer has filed a lawsult against Ripley for $8 million for breach of contract. The company atiorney doed not beli eve the suit has merie: Required B. Antwer the following gue tions 4. What amount of ca.h old Ripley pay for intereit during Year 1? 2. What intount at interest expense in reported on Ripley income stotement for Yeor 17 3. What is the amount of waronty expense for Yeor the b. Prepo the curient liabilites section of the bulance theet of December 31, Yeor 1 increese-for decogot, and leave the cell blonk if there is no effect in the Cosh Fow column, ndicote whathe the litem is an Compinte this guestion try enterieg vour answers is the tabs below Step by Step Solution
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