The following information below has been gathered at December 31, 2016 for Siesta Key Beach Bazaar. They are known as a great beach goers shopping location and also known for their tropical fish tanks in the center of their stores. The store uses the calendar year as its annual reporting period. The stores weekly payroll is $8, 750 paid each Friday for a five day workweek. December 31, 2016 falls on a Monday, but the employees will not be paid their wages until Friday January 4, 2017. Eighteen months earlier on July 1, 2014, the company purchases equipment that cost $20,000. Its useful life is predicted to be five years, at which time the equipment is expected to be worthless (zero salvage value). On October 1, 2016, the company agreed to work on installing custom fish tanks in various locations. The company is paid $120,000 on October 1 in advance of future fish tank installations in 24 locations. Between October 1 and December 31 work on 20 installations have been completed. $870 worth of supplies were purchased at the beginning of the year. A count of supplies on December 31, 2016, indicates that supplies of $120 are on hand. Siesta Key Bazaar paid $2, 280 for 12 months of insurance coverage on October 1, 2016