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please, this is one question so whoever wants to solve it, make sure to go throughout the whole exercise not just couple of questions. thank you
XYZ Company performed the following transactions during the month of May May 1. Invested $200,000 cash in the business 11 Purchased equipment costing $100,000 on account from Sam Real Estate 14 Paid rent, $4,000, 17 Performed services on account totaling $7.000 19 Received $3,000 cash in advance from Adam Company for services expected to be completed by the end of March 21 Purchased supplies for $10,000 cash. 25 Paid salaries of $4,000 26 Paid 60% of balance due to Sam Real Estate 28 Received $2,000 cash from customer bited in Jan 17 At the end of month May, the cash ledger shows ending balance of $283,000 $273,000 $127,000 None of the above At the end of month May, the accounts payable ledger shows ending balance of: $100,000 $0 OO $40,000 $5,000 ASS At the end of month May, the service revenue ledger shows ending balance of: $7,000 $10.000 8 $O $9.000 Page 2 of 3 Back Next XYZ Company performed the following transactions during the month of May May 1. Invested $200,000 cash in the business 11 Purchased equipment costing $100,000 on account from Sam Real Estate 14 Paid rent, $4,000, 17 Performed services on account totaling $7.000 19 Received $3,000 cash in advance from Adam Company for services expected to be completed by the end of March 21 Purchased supplies for $10,000 cash. 25 Paid salaries of $4,000 26 Paid 60% of balance due to Sam Real Estate 28 Received $2,000 cash from customer bited in Jan 17 At the end of month May, the cash ledger shows ending balance of $283,000 $273,000 $127,000 None of the above At the end of month May, the accounts payable ledger shows ending balance of: $100,000 $0 OO $40,000 $5,000 ASS At the end of month May, the service revenue ledger shows ending balance of: $7,000 $10.000 8 $O $9.000 Page 2 of 3 Back Next XYZ Company has the folowing list of accounts Account Propeedistrace Rent pense Balance 534.000 24,000 111000 285.00 Accounts Payable 20,000 16.000 150 Used Service Re Service Revente Capital Stock Wigs Expense Notes Poble Adve Expre Prisi 10,000 600 100.000 60M Egner Dividence The currents assets of XYZ Company equal 0 326000 554 OD O OD $44,000 The fixed assets of XYZ Company cul O $150.000 $100.000 5250,000 O None of the above The total assets of XYZ Compartye O STUD $2 $234.000 O fa54,000 The abilities of XYZ Componegut 816030 95600 O S40 The total revenues of XYZ Company soul 5500 O 5000 OOO O Monster The expenses of XYZ Company equal:* $52,000 O $28,000 $48.000 None of the above The net income of XYZ Company equal: O $46,000 $42.000 $22.000 None of the above The long-term investment of XYZ Company equal: O $40,000 $20,000 $15,000 XYZ Company doesn't have long term investmentStep by Step Solution
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