The following information is available for the year-ended December 31, 2022 for Sport Court Resurfacing (SCR) Corporation:
The following information is available for the year-ended December 31, 2022 for Sport Court Resurfacing (SCR) Corporation:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for the year-ended December 31, 2022 for Sport Court Resurfacing (SCR) Corporation:
1. | On April 1, 2022 signed a bank loan for $9,900 with interest and principal repayable in one-year. The interest rate on the loan is 4%. | |
2. | SCR pays its employees $34,200 every other Friday which reflects a 2-week pay period or 10 working days (Monday to Friday each week). December 31, 2022 falls on a Monday so employees will not get paid for the work they completed on this day until January 11, 2023. The total amount of salaries paid on January 11, 2023 was $34,200. | |
3. | Estimated income tax payable for the year end is $7,840 which is payable January 31, 2023. | |
4. | Utility expenses of $490 for the month of December were unrecorded and unpaid. They are due January 21, 2023. | |
5. | SCR provided tennis court resurfacing to a local tennis club. At the end of the year the club owed SCR $17,800. SCR billed the club on January 2, 2023 and collected the full amount on January 10, 2023. |
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