Reference no: EM13863582
During the year 2013, the company had the following activities (note none of these activities should impact the income statement, only the balance sheet):
Applied for and received a $37,000 loan from the city, payable in three years.
Purchased additional equipment costing $48,000; paying $17,000 cash and signing a promissory note to pay the balance in two years.
Bought additional inventory for $14,000 on account.
Issued additional shares of stock, receiving $60,000 cash.
Collected $35,000 cash on open accounts receivable from customers.
Paid off $12,000 of notes payable a year early.
Hired a new CEO on the last day of the year. The contract was for $150,000 for each full year worked.
Returned $1,900 of defective inventory to the manufacturer, receiving a cash refund.
Paid $23,000 of Accounts Payable.
Paid $5,000 of Salaries Payable.
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