Reference no: EM131796007
The Cookie Company was incorporated on January 1, 2015. The following transactions occurred in the month of January.
1. Issued 93,000 shares of no par common stock for $404,000.
2. Issued 2,000 shares of $10 par-value, 8%, preferred stock for $33,000.
3. Signed a 5-year, 5%, note with the Bank One for $149,000.
4. Paid $39,600 annual rent for office and warehouse space.
5. Purchased $38,500 of office furniture and computer equipment. Paid 33% down and signed a 3-year unsecured note for the remainder.
6. Purchased $1,485 supplies on account.
7. Paid $490 for freight and delivery on the office furniture. Paid $513, set-up charges for the computer equipment.
8. Received the supplies and discovered that $88 of the supplies did not match the invoice. The company returned the incorrect items, notified the supplier and recievd a credit on the store account.
9. Paid $14,875 for a full year of fire and liability insurance.
10. Paid 20% of the remaining supply invoices in time to take a 1% discount.
What will The Cookie Company report for accounts payable in its January 31 balance sheet? (Round to the nearest $1)