You are called in to prepare financial statements on December 31, 2024. The following additional information...

 

 

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You are called in to prepare financial statements on December 31, 2024. The following additional information was provided to you: 1. Customers owed the company $22,000 at year-end. 2. At year-end, $30,000 was still due to suppliers of inventory purchased on credit. 3. At year-end, inventory costing $50,000 still remained on hand. 4. Salaries owed to employees at year-end amounted to $5,000. 5. On December 1, $3,000 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February. 6. The office equipment, which has a ten-year life and no salvage value, was purchased on January 1, 2024. Straight-line depreciation is used. 120 Go You are called in to prepare financial statements on December 31, 2024. The following additional information was provided to you: 1. Customers owed the company $22,000 at year-end. 2. At year-end, $30,000 was still due to suppliers of inventory purchased on credit. 3. At year-end, inventory costing $50,000 still remained on hand. 4. Salaries owed to employees at year-end amounted to $5,000. 5. On December 1, $3,000 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February. 6. The office equipment, which has a ten-year life and no salvage value, was purchased on January 1, 2024. Straight-line depreciation is used. 120 Go

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To prepare the financial statements on December 31 2024 we need to make the following adjustments ba... View the full answer