The following balance sheet is for X Company:
BalanceSheet January1, 2015
Assets Equities Cash $52,205 Accounts Payable $235,851 Accounts Receivable 10,939 Wages Payable 1,171 Inventory 159,750 Notes Payable 31,575 Prepaid Rent 5,521 Paid-In Capital 235,901 Equipment 342,218 Retained Earnings 66,135 Total Assets $570,633 Total Equities $570,633
The following summary transactions occurred during 2015:
borrowed $4,108 from the bank
paid $88,583 to suppliers for merchandise purchased onaccount
paid for $57,400 of advertising
purchased $257,156 of merchandise on account and $228,044 forcash
sold merchandise for $554,343 on account and $147,357 for cash;the merchandise cost $364,884
signed a five-year rental lease for $8,000; paid for one year inadvance
paid $5,596 for land and equipment
received $230,293 from customers for merchandise sold onaccount
received $8,866 in cash contributions from new owners
Note: Ignore adjusting entries.
3. What was the cash balance on December 31, 2015?
4. What were total assets on December 31, 2015?
5. What were total liabilities on December 31, 2015?
6. What was net income in 2015?
The following balance sheet is for X Company:
| BalanceSheet |
| January1, 2015 |
| Assets | Equities | ||
| Cash | $52,205 | Accounts Payable | $235,851 |
| Accounts Receivable | 10,939 | Wages Payable | 1,171 |
| Inventory | 159,750 | Notes Payable | 31,575 |
| Prepaid Rent | 5,521 | Paid-In Capital | 235,901 |
| Equipment | 342,218 | Retained Earnings | 66,135 |
| Total Assets | $570,633 | Total Equities | $570,633 |
The following summary transactions occurred during 2015:
borrowed $4,108 from the bank
paid $88,583 to suppliers for merchandise purchased onaccount
paid for $57,400 of advertising
purchased $257,156 of merchandise on account and $228,044 forcash
sold merchandise for $554,343 on account and $147,357 for cash;the merchandise cost $364,884
signed a five-year rental lease for $8,000; paid for one year inadvance
paid $5,596 for land and equipment
received $230,293 from customers for merchandise sold onaccount
received $8,866 in cash contributions from new owners
Note: Ignore adjusting entries.
3. What was the cash balance on December 31, 2015?
4. What were total assets on December 31, 2015?
5. What were total liabilities on December 31, 2015?
6. What was net income in 2015?
Related questions
Question #1) X Company's 2015 budgeted costfunction for variable overhead was C=$9.00X and its budgeted costfunction for fixed overhead was C=$192,800.The followinginformation is also available for 2015:
| Master | Actual | |
| Budget | Results | |
| Production | 10,700 units | 11,500 units |
| Total variable costs | $96,300 | $132,427 |
| Total fixed costs | $192,800 | $197,124 |
1. What was the total overhead flexible budget variance for 2015[submit a favorable variance as a positive number and anunfavorable variance as a negative number]?
2. What was the total overhead static budget for 2015?
QUESTION #2) The following balance sheet is forX Company:
| BalanceSheet |
| January1, 2015 |
| Assets | Equities | ||
| Cash | $52,205 | Accounts Payable | $235,851 |
| Accounts Receivable | 10,939 | Wages Payable | 1,171 |
| Inventory | 159,750 | Notes Payable | 31,575 |
| Prepaid Rent | 5,521 | Paid-In Capital | 235,901 |
| Equipment | 342,218 | Retained Earnings | 66,135 |
| Total Assets | $570,633 | Total Equities | $570,633 |
The following summary transactions occurred during 2015:
-borrowed $4,108 from the bank
-paid $88,583 to suppliers for merchandise purchased onaccount
-paid for $57,400 of advertising
-purchased $257,156 of merchandise on account and $228,044 forcash
-sold merchandise for $554,343 on account and $147,357 for cash;the merchandise cost $364,884
-signed a five-year rental lease for $8,000; paid for one yearin advance
-paid $5,596 for land and equipment
-received $230,293 from customers for merchandise sold onaccount
-received $8,866 in cash contributions from new owners
Note: Ignore adjusting entries.
What was the cash balance on December 31, 2015?
What were total assets on December 31, 2015?
What were total liabilities on December 31, 2015?
What was net income in2015?
QUESTION#3) X Company prepares monthly financialstatements. In March, its accountant recorded entries asfollows:
-made an adjusting entry for $2,898 of unpaid interest on a bankloan
-recorded $3,500 for wages paid
-made an adjusting entry for $500 of wages that were earned byemployees but not paid
-made an adjusting entry for $1,210 of insurance that hadexpired
-recorded $1,710 that was received from a customer formerchandise that X Company special ordered and agreed to deliver inApril.
As a result of these entries, total equities decreased by?
QUESTION #4) X Company is a merchandiser andprepares monthly financial statements. On September 6, itsaccountant made an entry that resulted in a $60,000 increase in theCash account and a $60,000 decrease in the Accounts Receivableaccount. Which of the following transactions is consistent withthis entry? X Company...
A)borrowed $60,000 from a bank and signed a note.
B)received $60,000 from a customer who bought merchandise withcash.
C)paid $60,000 to a supplier from whom the firm had previouslybought merchandise on account.
D)received $60,000 from a customer who had previously boughtmerchandise on account.
E)received $60,000 from a new investor.
F)sold merchandise to customers on account for $60,000.
The following balance sheet is for X Company:
| BalanceSheet |
| January1, 2015 |
| Assets | Equities | ||
| Cash | $50,429 | Accounts Payable | $245,235 |
| Accounts Receivable | 12,965 | Wages Payable | 1,237 |
| Inventory | 154,704 | Notes Payable | 34,727 |
| Prepaid Rent | 6,484 | Paid-In Capital | 185,446 |
| Equipment | 304,269 | Retained Earnings | 62,206 |
| Total Assets | $528,851 | Total Equities | $528,851 |
The following summary transactions occurred during 2015:
borrowed $4,353 from the bank
paid $82,681 to suppliers for merchandise purchased onaccount
paid for $56,750 of advertising
purchased $223,668 of merchandise on account and $190,532 forcash
sold merchandise for $526,288 on account and $184,912 for cash;the merchandise cost $376,936
signed a five-year rental lease for $10,000; paid for one yearin advance
paid $5,887 for land and equipment
received $203,089 from customers for merchandise sold onaccount
received $8,202 in cash contributions from new owners
1. What was the cash balance on December 31, 2015?
2. What were total assets on December 31, 2015?
3. What were total liabilities on December 31, 2015?
4. What was net income in 2015?
| BalanceSheet |
| January1, 2015 |
| Assets | Equities | ||
| Cash | $50,569 | Accounts Payable | $247,464 |
| Accounts Receivable | 14,760 | Wages Payable | 1,093 |
| Inventory | 154,608 | Notes Payable | 32,407 |
| Prepaid Rent | 6,249 | Paid-In Capital | 185,055 |
| Equipment | 304,993 | Retained Earnings | 65,160 |
| Total Assets | $531,179 | Total Equities | $531,179 |
The following summary transactions occurred during 2015:
-borrowed $4,796 from the bank
-paid $81,939 to suppliers for merchandise purchased onaccount
-paid for $54,610 of advertising
-purchased $239,496 of merchandise on account and $230,104 forcash
-sold merchandise for $511,803 on account and $189,297 for cash;the merchandise cost $392,616
-signed a four-year rental lease for $10,000; paid for one yearin advance
-paid $5,809 for land and equipment
-received $223,507 from customers for merchandise sold onaccount
-received $8,150 in cash contributions from new owners
Note: Ignore adjusting entries.
A. What was the cash balance on December 31, 2015?
B. What were total assets on December 31, 2015?
C. What were total liabilities on December 31, 2015?
D. What was net income in 2015?
