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During 202 the following transactions occurred: Paid prior year's accounts payable. Received prior year's...

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Accounting

During $20 2$ the following transactions occurred:

Paid prior year's accounts payable.

Received prior year's accounts receivable.

Purchased $1, 000$ Carriages at $ $240$ each.

Paid $80 %$ down and will pay the rest later.

Sold $800$ Carriages for $ $420$ each with $70 %$ down $($ cash $)$ and the other $30 %$ will get later.

Wrote off $ $800$ of uncollectible accounts receivable.

Paid $20 1$ taxes payable.

Paid cash for wages of $ $60, 000 .$

Paid fourteen months' rent, $ $14, 000 . ($ Be careful! $)$

Paid $ $4, 000$ for advertising for $20 2 .$

Sold $5$ shares of common stock for $ $3, 500$ each on September $30, 20 2 .$

Paid utility bill for $20 2 -$ $ $2, 000 .$

On Dec $31,$ paid annual payment on note payable of $ $10, 000$ principal plus $9, 000$ interest.

Paid a $ $5, 000$ dividend to shareholders on December $31, 20 2 .$

Also, during the year the company paid $50 %$ of the $20 2$ taxes. They will pay the rest next year. The tax rate is $30 % .$ The company uses the FIFO inventory system.

At December $31, 20 2,$ the company estimates that $3 %$ of the Accounts Receivable will not be collectible.

At Dec $31, 20 2,$ the company owed $ $10, 000$ in wages which had not yet been paid.

The equipment originally cost $ $220, 000,$ had a twenty $-$ year life and was expected to be worth $ $20, 000$ at the end.

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