Question

As of December 31, 2008, Johnstown Company has $50,000 in accounts payable, $100,000 in promissory notes payable in 5 years, $100,000 in cash, $50,000 in accounts receivable and $50,000 in property, plant and equipment. The company’s net income was $10,000 for 2008 and the company has no other assets or liabilities.

Related Questions

E3-5 Drew Carey Company has the following balances in selected accounts on December 31,2008. Accoun... Prepare a trial balance from the following information for Learn a New Language, Inc. for December... The following information was drawn from the accounting records of Kwon Company as of December 31, 2... Presented here are liability items for O'Brian Inc. at December 31, 2022. Accounts payable $157,000...