ADMS 2500 Study Guide - Final Guide: Deferral, Accrual, Deferred Income
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1 Jul 2014
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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
-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
What were total liabilities on December 31,2015?
What was net income in 2015?