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?
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?