The Pima Corp. opened for business on Monday, Nov. 1st with inventory of $60,000 and...
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The Pima Corp. opened for business on Monday, Nov. 1st with inventory of $60,000 and cash in the bank of $80,000. These were its only assets. All start-up financing came from the owner's personal funds.
The only employee, who also started on Nov. 1st, is paid $2,000 a week every Friday for the week just ending (the work week is 5 days). Payroll is the only expense.
On Nov. 4th, the company made a credit sale of $7,000 out of inventory. On Nov. 9th, it received $11,000 of new inventory, purchased on credit with repayment due in 60 days. The firm bought a new copy machine for $13,000 cash on Nov. 24th.
The books were closed on Tuesday, Nov. 30th.
Show the amounts in the following balance sheet accounts on Tuesday, Nov. 30.
Cash _______________________
Accounts Receivable _____________________________
Inventory _________________________
Fixed Assets ______________________
Accounts Payable _______________________
Accruals __________________________
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