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The following selected account balances were taken from Pinnacle Tech Inc.'s general ledger at January 1, 2015, and December 31, 2015: January 1, 2015 December 31, 2015 Inventory $60,000 $57,000 Accounts Payable $45,000 $80,000 Salaries Payable $4,000 $10,000 Investments $72,000 $80,000 Accounts Receivable $90,000 $63,000 Land $70,000 $100,000 Mortgage Payable $110,000 $85,000 Common Stock $120,000 $200,000 Retained Earnings $25,000 $40,000 The following information was taken from Pinnacle Tech Inc.'s 2015 income statement: Sales Revenue = $500,000 Cost of Goods Sold = $350,000 • Salaries Expense = $110,000 • Net Income = $30,000

The following selected account balances were taken from Pinnacle Tech Inc.'s general ledger at January 1, 2015, and December 31, 2015: January 1, 2015 December 31, 2015 Inventory $60,000 $57,000 Accounts Payable $45,000 $80,000 Salaries Payable $4,000 $10,000 Investments $72,000 $80,000 Accounts Receivable $90,000 $63,000 Land $70,000 $100,000 Mortgage Payable $110,000 $85,000 Common Stock $120,000 $200,000 Retained Earnings $25,000 $40,000 The following information was taken from Pinnacle Tech Inc.'s 2015 income statement: Sales Revenue = $500,000 Cost of Goods Sold = $350,000 • Salaries Expense = $110,000 • Net Income = $30,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...
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The following selected account balances were taken from Pinnacle Tech Inc.'s general ledger at January 1, 2015, and December 31, 2015: January 1, 2015 December 31, 2015 Inventory $60,000 $57,000 Accounts Payable $45,000 $80,000 Salaries Payable $4,000 $10,000 Investments $72,000 $80,000 Accounts Receivable $90,000 $63,000 Land $70,000 $100,000 Mortgage Payable $110,000 $85,000 Common Stock $120,000 $200,000 Retained Earnings $25,000 $40,000 The following information was taken from Pinnacle Tech Inc.'s 2015 income statement: Sales Revenue = $500,000 Cost of Goods Sold = $350,000 • Salaries Expense = $110,000 • Net Income = $30,000
Transcribed Image Text:The following selected account balances were taken from Pinnacle Tech Inc.'s general ledger at January 1, 2015, and December 31, 2015: January 1, 2015 December 31, 2015 Inventory $60,000 $57,000 Accounts Payable $45,000 $80,000 Salaries Payable $4,000 $10,000 Investments $72,000 $80,000 Accounts Receivable $90,000 $63,000 Land $70,000 $100,000 Mortgage Payable $110,000 $85,000 Common Stock $120,000 $200,000 Retained Earnings $25,000 $40,000 The following information was taken from Pinnacle Tech Inc.'s 2015 income statement: Sales Revenue = $500,000 Cost of Goods Sold = $350,000 • Salaries Expense = $110,000 • Net Income = $30,000
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