The Cookie Company was incorporated on January 1, 2015.??The following transactions?occurred in the month of January.
1.??Issued 93,000 shares of?no par common stock for $404,000.??
2.? Issued 2,000 shares of $10 par-value, 8%, preferred stock for $33,000.??
3.??Signed a 5-year,?5%, note with the Bank One for ?$149,000.
4.??Paid $39,600?annual rent for?office and warehouse space.
5.??Purchased $38,500 of office furniture and computer equipment.? Paid?33% down and signed a 3-year?unsecured note for the remainder.?
6.? Purchased ?$1,485 supplies on account.
7.? Paid $490 for freight and delivery on the office furniture.? Paid $513, set-up charges for the computer equipment.
8.? Received the supplies and discovered that $88 of the supplies did not match the invoice.? The company returned the incorrect items, notified the supplier and recievd a credit on the store account.
9.? Paid $14,875 for a full year of fire and liability insurance.
10.? Paid 20% of the remaining supply invoices in time to take a 1% discount.
What willl The Cookie Company report for accounts payable in its January 31 balance sheet? (Round to the nearest $1)
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