The following transactions apply to Ozark Sales for 2018: The business was started when the company received $49,500 from the issue of common stock. Purchased equipment inventory of $177,000 on account. Sold equipment for $198,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $123,500. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. Paid the sales tax to the state agency on $148,500 of the sales. On September 1, 2018, borrowed $20,500 from the local bank. The note had a 5 percent interest rate and matured on March 1, 2019. Paid $5,400 for warranty repairs during the year. Paid operating expenses of $53,000 for the year. Paid $125,100 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6. What is the total amount of current liabilities at December 31, 2018.
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Home » Business » The following transactions apply to Ozark Sales for 2018: The business was started when the company received $49,500 from the issue of common stock. Purchased equipment inventory of $177,000 on account.