Cypress Corp. went into business on October 1, 2020. Following are some of Cypress's transactions during October, November, and December, 2020: Oct. 1 - Borrowed $20,000 from the bank. No payments will be made on this loan until October 1, 2022, when $24,000 will be due. • Nov. 15 - Purchased $5,000 inventory, half in cash and half on account. Dec. 13 - Paid balance owed on accounts payable. Dec. 18 - Sold $1,500 of inventory for $2,500 on account. • Dec. 31 - Paid $1,000 in dividends. What are Cypress's long-term liabilities as of December 31, 2020?

Cypress Corp. went into business on October 1, 2020. Following are some of Cypress's transactions during October, November, and December, 2020: Oct. 1 - Borrowed $20,000 from the bank. No payments will be made on this loan until October 1, 2022, when $24,000 will be due. • Nov. 15 - Purchased $5,000 inventory, half in cash and half on account. Dec. 13 - Paid balance owed on accounts payable. Dec. 18 - Sold $1,500 of inventory for $2,500 on account. • Dec. 31 - Paid $1,000 in dividends. What are Cypress's long-term liabilities as of December 31, 2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cypress Corp. went into business on October 1, 2020. Following are some of Cypress's transactions during October, November, and December, 2020: • Oct. 1- Borrowed $20,000 from the bank. No payments will be made on this loan until October 1, 2022, when $24,000 will be due. Nov. 15 - Purchased $5,000 inventory, half in cash and half on account. Dec. 13 - Paid balance owed on accounts payable. Dec. 18 - Sold $1,500 of inventory for $2,500 on account. Dec. 31 - Paid $1,000 in dividends. What were Cypress's current liabilities at December 31, 2020? $2,500 $500 O $3,000 $0 O None of the above
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Subject : Accounting