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Use the following to answer questions 23 - 28 On-the-Go Foods provides food delivery services to construction sites. At the end of the year,
Use the following to answer questions 23 - 28 On-the-Go Foods provides food delivery services to construction sites. At the end of the year, the company reports the following amounts: Cash $50,000 Accounts payable $45,000 Food trucks 200,000 Garage/Office 921,000 Maintenance expense 32,000 Salaries expense 250,000 Note payable 150,000 Salaries payable 13,000 Service revenue 800,000 Paper supplies used 4,000 Food expense 325,000 Paper supplies 1,000 In addition, the company had common stock of $300,000 at the beginning of the year and issued an additional $100,000 of stock during the year. The company also had retained earnings of $375,000 at the beginning of the year and did not declare any dividends during the year.
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