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please show all work X Company, a manufacturer, prepares monthly financial statements. On January 1, total equities were $115,603. The following transactions occurred during January:
please show all work
X Company, a manufacturer, prepares monthly financial statements. On January 1, total equities were $115,603. The following transactions occurred during January: . Issued additional shares of stock for $100,000. Acquired $8,200 of direct materials, $3,608 of it paid for with cash, the rest bought on open account. A one year rental agreement was signed for $6,900 per month. Rent for the first two months was paid in advance. Product sales were $105,000, $23,119 of which were cash sales; the rest were on account. Product costs were $68,250. Paid wages and salaries of $11,104. Paid $23,119 to suppliers for materials that X Company had previously purchased on account. Collected $23,727 from customers who had previously purchased products from X Company on account. What would total equities be on January 31? [Ignore adjusting entries.]Step by Step Solution
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