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rade Report Accounts Receivable Homeworlk 2019 Problem 11 charleigh Co., purveyor of fine, fine things, had the following balances at December 312018. Accounts Receivable 44,000 60,000 1,000 Allowance for doubtful accts 50,000 (1 thing) 190,000 60,000 50,000 20,000 42,000 4,000 Accumulated Depreciation-Equipment Land Accounts Payable Salary Payable Rent Payable Taxes Payable Long-Term Debt Common Stock ($1 per share) Retained Earnings 2,000 80,000 90,000 133,000 During 2019 the following transactions occurred Jan 1, received all beg A/R and paid all Beg A/P Mar 1, bought 2 things for S60.000 each. (Paid 25% down and rest payable in one year) April 15, paid year 2018 taxes payable May 1 sold one thing for $120,000 (received 3/4 down and the rest in one year) May 15, bought 1 thing for S80.000 (Paid 25% down and rest payable in one year) July 1, July. 1: \ company wrote off $600 in bad debts sold one thing for $160,000 (received 75% down and the rest will be paid in one year) Aug 1, purchased piece of equipment for $10,000 cash. Sept 1, Sold 40,000 shares of common stock for $40,000 Oct 1, Purchased a piece of land for $50,000 Dec 1, declared and paid $.20 per share dividend Dec 31, paid an annual payment on long term debt- $28,000. Of that amount, $8,000 was for interest and $20,000 was for principal During the year the company paid 15 months' rent of $15,000. Also during the year the company paid salaries of $12,000 in cash, and at the end of the year they owed $3,000 for salaries. Depreciation for the year is $10,000. The long-term debt is payable in $20,000 pnncipal payments plus interest of 10% each December 31 . The tax rate is 30% and during the year the company paid 50% of 2019 taxes. The company uses the FIFO inventory system. The company estimates that 3% of its receivables will ultimately be uncollectible. Journalize the above transactions and post them to T-Accounts. Prepare any necessary adjustments. Prepare a P&L, Statement of Owners Equity, Balance Sheet and Cash Flow Statement for the yoar 2016.- ord naome Sratremen

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