$1$ Notes payable is paid every June $30,$ paying $\backslash (\backslash$$ $5,000\backslash )$ principal plus interest at $\backslash (8\backslash \%\backslash ).$

$2$ All foued assets were purchased January $1.$ Building is depreciated using SL over $30$ years.

Equipment is depreciated using double declining balance over $10$ years. There are no residual values

$3$ The compary uses the percentage of receivables method for bad debts at $\backslash (1\backslash \%\backslash )$ of accounts receivable

$4$ The remaining unused portion on the insurance policy is $\backslash (\backslash$$ $856\backslash ).$

$5$ Inventory at $\backslash (12/31\backslash )$ was $\backslash (\backslash$$ $24,650\backslash ).$ The company uses the perpetual method of accounting for inventory.

$6$ Adjust to reflect the current portion of long$-$term debt

Complete the worksheet

Calculate net income

Calculate total current assets

Calculate total assets YEAR$-$END WORKSHEET

You may only access the blue cells.

Name: $\backslash (\backslash$square $\backslash )$

$\backslash$begin$\{$tabular$\}\{|$c$|$l$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline & & & & & $\backslash \backslash$

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$\backslash$end$\{$tabular$\}$

$1$ Notes payable is paid every June $30,$ paying $\backslash (\backslash$$ $5,000\backslash )$ principal plus interest at $\backslash (8\backslash \%\backslash ).$

$2$ All fixed assets were purchased January $1.$ Building is depreciated using SL over $30$ years.

Equipment is depreciated using double declining balance over $10$ years. There are no residual values

$3$ The company uses the percentage of receivables method for bad debts at $\backslash (1\backslash \%\backslash )$ of accounts receivable

$4$ The remaining unused portion on the insurance policy is $\backslash (\backslash$$ $856\backslash ).$

$5$ Inventory at $\backslash (12/31\backslash )$ was $\backslash (\backslash$$ $24,650\backslash ).$ The company uses the perpetual method of accounting for inventory.

$6$ Adjust to reflect the current portion of long$-$term debt

Complete the worksheet

Calculate net income

Calculate total current assets

Calculate total assets