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During 2023 pharaoh had the following transactions: Total sales were $445,000 of the sales amount $250,000 was on a credit basis. 2 On June 30, an $54,000 account receivable of a major customer was settled, with pharoah accepting a $54,000, one-year, 11% note, with the interest payable at maturity. 3 Pharoah collected $180,000 on accounts receivable during the year.4 At december 31, 2023, Cash had a balance of $17,000, Inventory had a balance of $87,000, Accounts Payable was $77,000 and accrued liabilities was $16,000.

During 2023 pharaoh had the following transactions: Total sales were $445,000 of the sales amount $250,000 was on a credit basis. 2 On June 30, an $54,000 account receivable of a major customer was settled, with pharoah accepting a $54,000, one-year, 11% note, with the interest payable at maturity. 3 Pharoah collected $180,000 on accounts receivable during the year.4 At december 31, 2023, Cash had a balance of $17,000, Inventory had a balance of $87,000, Accounts Payable was $77,000 and accrued liabilities was $16,000.

FINANCIAL ACCOUNTING
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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During 2023 pharaoh had the following transactions: Total sales were $445,000 of the sales amount $250,000 was on a credit basis. 2 On June 30, an $54,000 account receivable of a major customer was settled, with pharoah accepting a $54,000, one-year, 11% note, with the interest payable at maturity. 3 Pharoah collected $180,000 on accounts receivable during the year.4 At december 31, 2023, Cash had a balance of $17,000, Inventory had a balance of $87,000, Accounts Payable was $77,000 and accrued liabilities was $16,000.
Transcribed Image Text:During 2023 pharaoh had the following transactions: Total sales were $445,000 of the sales amount $250,000 was on a credit basis. 2 On June 30, an $54,000 account receivable of a major customer was settled, with pharoah accepting a $54,000, one-year, 11% note, with the interest payable at maturity. 3 Pharoah collected $180,000 on accounts receivable during the year.4 At december 31, 2023, Cash had a balance of $17,000, Inventory had a balance of $87,000, Accounts Payable was $77,000 and accrued liabilities was $16,000.
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