Zambrano Wholesale Corporation maintains its chronicles on a currency cause. At the object of each year the companys accountant obtains the indispensable advice to provide accrual cause financial declarations. The subjoined currency flows occurred during the year objected December 31, 2021:
Currency produce:From customers$720,000Attention on voice4,720Loan from a persomal bank80,000Total currency produce$804,720Currency disbursements:Purchase of goods$399,000Annual protection acquittal7,080Acquittal of salaries219,000Dividends hired to shareholders10,000Annual laceration acquittal28,500Total currency disbursements$663,580
Selected counterpoise quibble advice:
12/31/202012/31/2021Cash$29,500$170,640Accounts receivable66,500101,000Inventory89,00066,500Prehired protection3,400?Prehired laceration11,900?Attention receivable3,540?Voice receivable59,00059,000Equipment145,000145,000Accumulated depreciation(44,500)(59,000)Accounts payable (coercion goods)114,500131,000Salaries payable20,90025,800Notes payable080,000
On March 31, 2020, Zambrano lent a customer $59,000. Attention at 8% is payable year-by-year on each March 31. Principal is ascribable in 2024.
The annual protection acquittal is hired in measure on April 30. The prudence time begins on May 1.
On October 31, 2021, Zambrano acquired $80,000 from a persomal bank and signed a voice calm reprisals. Principal and attention at 6% are ascribable on October 31, 2022.
Annual laceration on the companys facilities is hired in measure on June 30. The lacerational time begins on July 1.
1. Provide an accrual cause pay declaration coercion 2021 (disown pay taxes).
2. Determine the subjoined counterpoise quibble amounts on December 31, 2021: