Reference no: EM132723298
Question - Several accounts and amounts from the financial statements of a recently opened Blue Rifle Coffee appear below for the year ending December 31, Year 1.
Equipment 43,600
Cash $10,600
Note payable, due 12-31-Yr 5 30,000
Dividends 12,000
Other operating expenses 6,500
Common stock 50,000
Sales revenue 120,000
Retained earnings 37,000
Cost of goods sold 48,000
Accumulated depreciation 17,000
Buildings 57,500
Income tax expense 9,400
Salaries expense 11,300
Inventory 7,200
Accounts receivable 3,900
Accounts payable 5,800
Required - Use the information provided to determine the answers to the following questions:
A. What is the total amount owed to Blue Rifle Coffee by its customers at the end of the year?
B. How much are total current assets?
C. How much does Blue Rifle Coffee owe to its short-term creditors at December 31, Year 1?
D. How much of Blue Rifle Coffee's profit did it distribute to shareholders during Year 1?
E. Prepare income statement for Year 1 for Blue Rifle Coffee.
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