1 Companys records indicate that 12,000 of beverages, already paid in advance by new customers, thus recorded as unearned revenues, have been delivered during the month of December 2 The cost of finished goods remained unsold at the end of December is 18,000 3 Lautaro Plc pays its rent and insurance in advance The amount of rent that belongs to the month of December is 1,500 The amount of insurance consumed in December is 350 4 The useful life of the equipment currently hold by Lautaro Plc is estimated to be ten years The company uses a straightline method of depreciation 5 On 1 July 2020 Lautaro Plc borrowed 18,000 by signing a 12month, 5 note payable to Conte Bank Ltd The interests will be paid on the 30 June 2021 6 The accounting system shows that goods, for a total price of 5,000, have been delivered to old and trusted customers in December, but they have not been invoiced yet 7 Salaries earned by Lautaros employees in December, that will be paid in January, amount to 800 8 Lautaro Plc has estimated a cost of utilities (ie, electricity, phone, internet, etc) used in December for an amount of 500 The official bills will be received in January 9 Lautaros accountant estimates that income taxes expense for the entire year 2020 is 8,500

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