Reference no: EM132703595

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 A

ccumulated 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

Question A. What is the total amount owed to Blue Rifle Coffee by its customers at the end of the year?

Question B. How much are total current assets?

Question C. How much does Blue Rifle Coffee owe to its short-term creditors at December 31, Year 1?

Question D. How much of Blue Rifle Coffee's profit did it distribute to shareholders during Year 1?

Question E. Prepare income statement for Year 1 for Blue Rifle Coffee.