High River Computing began operations on January 1, 2013.The following information was taken from the financial statements prepared at the end of its first fiscal year, December 31, 2013. $$\begin{array} { l r }
\text { Cash } & \$ 6,750 \
\text { Accounts receivable } & 126,000 \
\text { Inventory } & 459,000 \
\text { Prepaid expenses } & 4,450 \
\text { Accounts payable } & 118,600 \
\text { Short-term bank loan } & 50,000 \
\text { Sales } & 1,135,000 \
\text { Credit sales } & 800,450
\end{array}$$ Required:

Question

High River Computing began operations on January 1, 2013.The following information was taken from the financial statements prepared at the end of its first fiscal year, December 31, 2013. $$\begin{array} { l r } 
\text { Cash } & \$ 6,750 \
\text { Accounts receivable } & 126,000 \
\text { Inventory } & 459,000 \
\text { Prepaid expenses } & 4,450 \
\text { Accounts payable } & 118,600 \
\text { Short-term bank loan } & 50,000 \
\text { Sales } & 1,135,000 \
\text { Credit sales } & 800,450
\end{array}$$ Required:

Quizplus · Accepted Answer

The Answer of High River Computing began operations on January 1, 2013.The following information was taken from the financial statements prepared at the end of its first fiscal year, December 31, 2013. $$\begin{array} { l r } 
\text { Cash } & \$ 6,750 \
\text { Accounts receivable } & 126,000 \
\text { Inventory } & 459,000 \
\text { Prepaid expenses } & 4,450 \
\text { Accounts payable } & 118,600 \
\text { Short-term bank loan } & 50,000 \
\text { Sales } & 1,135,000 \
\text { Credit sales } & 800,450
\end{array}$$ Required:

High River Computing Began Operations on January 1, 2013 Required