ACC 201 week 4 Assignment 1

.

              Interest Payable                                          
 
Sales Tax Payable
                                           700
 
                      15,750
     Bal                 700
 
              (13,300)
 
 
Bal.             2,450
  

 

$40,000 x 7% x 3/12 = $700           $225,000 x 7% = $15,750         $190,000 x 7% = $13,300

                                                                             

               Warranty Payable
 
Notes Payable
                                         4,500
 
      50,000
                            (3,600)
 
     (50,000)
Bal.                         900
 
         40,000
                                                                            
   Bal.
       40,000
$225,000 x 2% = $4,500

 

Caledonia Co.
Current Liabilities                                                      
     Interest Payable                                                     $      700
     Sales Tax Payable                                                       2,450          
   Warranty Payable                                                           900
      Notes Payable                                                           40,000                             
Total Current Liabilities                                             $44,050        
 
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