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14) Several accounts and amount ts from the financial statements of a recently opened Tempting...

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Accounting

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14) Several accounts and amount ts from the financial statements of a recently opened Tempting Tea appear below for the year ending December 31, Year l . (5 pts.) Equipment Note payable, due 12-31-Yr5 Other operating expenses Sales revenue Cost of goods sold Buildings Salaries expense s 10,600 12,000 50,000 37,000 17,000 7,800 6,000 42,500 30,000 Cash Dividends 6,500 Common stock 100,000 Retained earnings 40,000 Accumulated depreciation 57,500 Income tax expense 11,300 Inventory Accounts receivable 3,200 Accounts payable 4,800 Use the information provided to determine the answers to the following questions: What is the total amount owed to Tempting Tea by its customers at the end of the year? How much are total current assets? How much does Tempting Tea owe to its short-term creditors at December 31, Year 1? How much of Tempting Tea's profit did it distribute to shareholders during Year 1? Prepare an income statement for Year 1 for Tempting Tea. A. B. C. D. E

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