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Customers owed the company $22,000 at year-end

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1. Customers owed the company $22,000 at year-end.
2. At year-end, $30,000 was still due to suppliers of merchandise purchased on credit.
3. At year-end, merchandise inventory costing $50,000 still remained on hand.
4. Salaries owed to employees at year-end amounted to $5,000.
5. On December 1, $3,000 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February.
6. The equipment, which has a 10-year life and no salvage value, was purchased on January 1, 2013. Straight-line depreciation is used.

Reference no: EM13305221

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