Question 9 5 pts Dak Company began operations on August 1, 2019 and entered into

Question

Question 9 5 pts Dak Company began operations on August 1, 2019 and entered into the fol lowing transactions during 2019: 1. On August 1, Dak Company sold common stock to owners in the amount of $200,000 and borrowed 100,000 from the local bank on a 10-month, 12% note payable. 2. On September 1, Dak Company paid $50,000 cash to purchase supplies. 3. On 0ctober 1, Dak Company received $60,000 cash from a customer for services to be performed over the next 8 months. 4. On November 15, Dak Company purchased a piece of land costing $80,0 by paying $20,000 in cash and agreeing to pay the remainder within months. 5. On December 13, based on a physical count, Dak Company determined i had $34,000 of supplies still on hand. Calculate the amount of total liabilities that Dak Company Company woul report in its December 31, 2019 balance sheet after all the above transactions are recorded and all necessary adjusting entries are made.

Explanation / Answer

Calculate total liabilities:

Account payable 60000 Notes payable 100000 Interest payable (100000*12%*5/12) 5000 Unearned revenue (60000*5/8) 37500 Total liabilities 202500

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