week 7 course project final

Accounts Payable

200,500

Account Receivable

165,700

Accumulated Depreciations

350,000

Additional Paid-In Capital

40,000

Allowance for Doubtful Accounts

2,650

Building and Equipment

1,120,000

Cash

 45,300

Common Stock

544,850

Copyrights

112,000

Customer Deposits (expected to be paid in 2017)

375

Goodwill

225,000

Income Taxes Payable

42,340

Inventories @ $25/unit

315,250

Long-term Investments in Warren Co. 

95,630

Deposits With Vendors

47,200

Land

125,000

Mortgage Payable ($2,780 per month)

667,200

2% Notes Payable to Banks ( due 2017)

26,000

Notes Receivable (due 2017)

16,000

Patents

219,335

Retained Earnings

127,500

Trademarks

115,000

Twenty-year, 12% Bonds, Due 1/1/2020

600,000

Deposts with Vendors

47,200

1

Finished Goods inventory purchased from suppliers on account. 

2/10/2016 10,000 units @ $26 each

6/12/2016 15,000 units @ $28 each 

10/23/2016 12,000 units @ $29 each

11/25/2016 8,000 units @ $30 each

New York Traders Inc. uses periodic inventory system and LIFO costing method. All purchases and sales

Are made on account.

2 

Payments made to suppliers on account during 2016 are $1,124,450.

3 

Sales made to customers on account are 49,356 units @ $36 each

4

Cash collected from customers during 2016 is $1,750,700

5 

Total Interest paid on Notes Payable and Bonds Payable amounted to $17,415

6 

Rental Income on property leased out $ 25,650

7 

New York Traders Inc. was operating a retail store at Chicago. Original cost of building and

Equipment was $120,000 with a book value of $95,000. During 2016  New York traders

disposed of this store at a loss of $35,800.