record T accounts, income statement , balance sheet, statement of owners equity and statement of cash flow.
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 @ $5 each) 20,000 Prepaid Rent 2,000 Land 120,000 Equipment 40,000 Accumulated Depreciation 14,250 Security Deposit 3,000 Accounts Payable 14,000 Taxes Payable 3,000 Wages Payable 8,000 Note Payable 70,000 Common Stock (200 shares) 60,000 Retained Earnings 79.750 During 2020 the following transactions occurred: Paid prior year's accounts payable. Received prior year's accounts receivable. Purchased 13,000 Pumpkins at $6 each. Paid 70% down and will pay the rest later Sold 14,000 Pumpkins for $12 each with 80% down (cash) and the other 20% will get later. Wrote off $1,200 of uncollectible accounts receivable, Paid 2019 taxes payable. Paid cash for wages of $24,000 Paid nine months' rent, $9,000. (Be carefull) Paid $4,000 for advertising for 2020 Sold 200 shares of common stock for $400 each on August 31, 2020 Paid utility bill for 2020 - $2,000. On Dec 31, paid annual payment on note payable of $10,000 principal plus $3,500 interest Paid a $2,200 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 At December 31, 2020, the company estimates that 3% of the Accounts Receivable will not be collectible. At Dec 31, 2020, the company owed $2,000 in wages which had not yet been paid. The equipment originally cost $40,000, had a eight-year life and was expected to be worth $2,000 at the end. A 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 @ $5 each) 20,000 Prepaid Rent 2,000 Land 120,000 Equipment 40,000 Accumulated Depreciation 14,250 Security Deposit 3,000 Accounts Payable 14,000 Taxes Payable 3,000 Wages Payable 8,000 Note Payable 70,000 Common Stock (200 shares) 60,000 Retained Earnings 79.750 During 2020 the following transactions occurred: Paid prior year's accounts payable. Received prior year's accounts receivable. Purchased 13,000 Pumpkins at $6 each. Paid 70% down and will pay the rest later Sold 14,000 Pumpkins for $12 each with 80% down (cash) and the other 20% will get later. Wrote off $1,200 of uncollectible accounts receivable, Paid 2019 taxes payable. Paid cash for wages of $24,000 Paid nine months' rent, $9,000. (Be carefull) Paid $4,000 for advertising for 2020 Sold 200 shares of common stock for $400 each on August 31, 2020 Paid utility bill for 2020 - $2,000. On Dec 31, paid annual payment on note payable of $10,000 principal plus $3,500 interest Paid a $2,200 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 At December 31, 2020, the company estimates that 3% of the Accounts Receivable will not be collectible. At Dec 31, 2020, the company owed $2,000 in wages which had not yet been paid. The equipment originally cost $40,000, had a eight-year life and was expected to be worth $2,000 at the end. A
