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# You asked: "The balances in the accounts of M Company at December 31, 2008 are as follows: Accounts payable . \$ 119,000 Accounts receivable .

"The balances in the accounts of M Company at December 31, 2008 are as follows:
Accounts payable ...................................... \$ 119,000
Accounts receivable ................................... 139.200
Accumulated Depreciation - Buildings ................... 31.500
Uncollectible accounts ....................... 2.550
Buildings ............................................. 315.000
Capital assets, \$ 10 par ................................ 450.000
Cash ................................................. . 45.750
Dividends ............................................. 12.000
Freight ............................................ 10.500
Shipping and insurance ..................................... 2.100
Interest expense ...................................... 5.295
Interest income ...................................... 1.335
Inventory, December 31, 2007 .......................... 104.850
Land ................................................. . 78.000
Long-term investments ................................. 12.150
Mortgage payable ...................................... 43.500
Notes Payable - Short-term ............................. 24.000
Office expenses ........................................ 28.800
Shopping ............................................. 521.130
Discounts for the purchase .................................... 12.150
Retained earnings, December 31, 2007 .................. 13.695
Sales ................................................. 745.000
Discounts of sales ....................................... 24.750
Returns of sales ......................................... 14.400
Cost of sales ....................................... 94.050
Articles expenses ...................................... 3.450
Real property taxes and payroll ......................... 19.305

Adjustments required by December 31, 2008:
(a) The available inventory is \$ 135.915.
(b) Bad debts amount to a balance of \$ 6,250.
(c) Buildings are depreciated at a rate of 5%.

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