The following balance sheet is for X Company:
BalanceSheet January1, 2015
Assets Equities Cash $54,342 Accounts Payable $226,404 Accounts Receivable 11,765 Wages Payable 1,302 Inventory 151,231 Notes Payable 34,800 Prepaid Rent 6,319 Paid-In Capital 206,107 Equipment 313,594 Retained Earnings 68,638 Total Assets $537,251 Total Equities $537,251
The following summary transactions occurred during 2015:
borrowed $4,164 from the bank
paid $80,715 to suppliers for merchandise purchased onaccount
paid for $56,400 of advertising
purchased $256,872 of merchandise on account and $201,828 forcash
sold merchandise for $511,555 on account and $208,945 for cash;the merchandise cost $374,660
signed a five-year rental lease for $10,000; paid for one yearin advance (Does this mean two years rent notone?)
paid $5,989 for land and equipment
received $217,661 from customers for merchandise sold onaccount
received $8,160 in cash contributions from new owners
Note: Ignore adjusting entries.
1) What was the cash balance on December 31, 2015? (IncorrectAnswers: 138012, 148280)
2) What were total assets on December 31, 2015? (IncorrectAnswers: 1004844)
The following balance sheet is for X Company:
BalanceSheet |
January1, 2015 |
Assets | Equities | ||
Cash | $54,342 | Accounts Payable | $226,404 |
Accounts Receivable | 11,765 | Wages Payable | 1,302 |
Inventory | 151,231 | Notes Payable | 34,800 |
Prepaid Rent | 6,319 | Paid-In Capital | 206,107 |
Equipment | 313,594 | Retained Earnings | 68,638 |
Total Assets | $537,251 | Total Equities | $537,251 |
The following summary transactions occurred during 2015:
borrowed $4,164 from the bank
paid $80,715 to suppliers for merchandise purchased onaccount
paid for $56,400 of advertising
purchased $256,872 of merchandise on account and $201,828 forcash
sold merchandise for $511,555 on account and $208,945 for cash;the merchandise cost $374,660
signed a five-year rental lease for $10,000; paid for one yearin advance (Does this mean two years rent notone?)
paid $5,989 for land and equipment
received $217,661 from customers for merchandise sold onaccount
received $8,160 in cash contributions from new owners
Note: Ignore adjusting entries.
1) What was the cash balance on December 31, 2015? (IncorrectAnswers: 138012, 148280)
2) What were total assets on December 31, 2015? (IncorrectAnswers: 1004844)