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Nature's shop reported the following account balances on its balance sheet on December 31, 2019
Accounts receivable
$25,000
Net property, plant and equipment
600,000
Cash and cash equivalent
300,000
Accounts payable
35,000
Bonds payable (3 years)
250,000
Prepaid insurance
30,000
Unearned gift card revenue
5,000
Accrued expenses payable
10,000
Merchandise inventory
150,000
Contributed capital
700,000
Retained earnings
Question 1. What is the amount of nature's retained earnings at the end of 2019.
Point 1. If the beginning balance of Nature's retained earning account was 10,000 and nature's declared 7500 dividends during year 2019, how much net income did nature's earn during year 2019.
Point 2. Nature's shop reported the following account balances on its balance sheet on December 31 2019
Point 3. Nature's wishes to purchase merchandise from your company on account. The amount of the purchases would probably be about 10,000 per month, and the terms would require nature to make payment in full within 30 days.
Question 2. Would you recommend that your company credit to nature under these terms?
Question 3. Explain the reasoning for your response.
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