The following transactions apply to Ozark Sales for Year 1: 1. The business was started when...

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The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock. 2. Purchased equipment inventory of $175,000 on account. 3. Sold equipment for $207,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $132,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $157,000 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2. 7. Paid $5,400 for warranty repairs during the year. 8. Paid operating expenses of $55,500 for the year. 9. Paid $125,000 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. Exercise 9-8A (Algo) Part c c. What is the total amount of current liabilities at December 31, Year 1? Note: Round your answer to the nearest dollar amount. Total current liabilities The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock. 2. Purchased equipment inventory of $175,000 on account. 3. Sold equipment for $207,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $132,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $157,000 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2. 7. Paid $5,400 for warranty repairs during the year. 8. Paid operating expenses of $55,500 for the year. 9. Paid $125,000 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. Exercise 9-8A (Algo) Part c c. What is the total amount of current liabilities at December 31, Year 1? Note: Round your answer to the nearest dollar amount. Total current liabilities

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To calculate the total amount of current liabilities at December 31 Year 1 we need to consider the f... View the full answer