Reference no: EM131221507
Goldwater Corp. experienced these 5 events during the current year:
a) December sales, all of which were collected in cash, totaled $50,000, and Goldwater collected an additional state sales tax of 6%. This amount will be sent to the state of Indiana early in January.
b) One November 30, Goldwater received rent of $6,000 in advance for a lease on unused store space. This rent will be earned evenly over 3 months.
c) On September 30, Goldwater signed a 6-month, 9% (Annual Interest Rate) note payable to purchase store fixtures, costing $12,000. The note requires payment of principal and interest at maturity.
d) Goldwater owes $100,000 on a long term note payable. At December 31, 6% interest (Annual Interest Rate) since July 31 and $20,000 of this principal are payable within 1 year.
For each item, indicate the account and the related amount to be reported as a current liability on the Goldwater Corp. balance sheet at December 31.
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