Accounting: Accounts Receivable

The n cardinal account due to Rent-lt is in effect(p) for one year. $100,000 and the accumulated interest argon due on November 30, 2012. The account payable for office supplies is due in thirty days, or January 2, 2012. The account payable to comprehensive Utilities is due in thirty days, or January 30, 2012.The fraternity declargond a dividend of 10 cents per share, payable on January 1 5, 2012. Income taxes are payable in 2012. 3. Susquehanna Equipment Rentals was named as a co-defendant in a $25,000 fount filed on behalf of Kevin Davenport. The extent of the companys legal and monetary responsibility for this accident cannot be obstinate at this time. f) It does appear that the company is headed for insolvency. It has $100,000 is notes payable that are due January 2, 2012, and it only has $65,000 cash.The company is expecting $9,900 in accounts receivable, but that s lock up not enough to cover the notes payable. A majority of the companys assets are tied up in rental eq uipment, which is not a liquid asset. Thus, the company will not be able to meet its financial obligations to its lenders. g) It would be unethical for Patty device driver to maintain the accounting records for this company since she is one of the owners of the corporation. The accounting records must be well-kept by someone independent of the geological formation in order for the reports to be pretty and ethical.