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Please help me with this question, thanks! The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Accounts Receivable Inventory
Please help me with this question, thanks!
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities $94,017 Accounts Payable 11,357 Wages Payable 159,109 Notes Payable 6,038 Paid-In Capital 326,099 Retained Earnings $596,620 Total Equities $220,885 1,125 34,625 274,069 65,916 $596,620 The following summary transactions occurred during 2021: paid $86,119 to suppliers for merchandise previously purchased on account paid $25,780 for advertising sold merchandise for $437,100 on account and $267,900 for cash; the merchandise cost $366,600 paid $5,191 for land and equipment received $245,811 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? OA: $375,435B: $439,259 OC: $513,933 OD: $601,301 OE: $703,522 OF: $823,121 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 2021? OA: $109,130 OB: $136,413 OC: $170,516 OD: $213,145 OE: $266,431 OF: $333,039 Submit Answer Tries 0/99Step by Step Solution
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