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plz help me with problems 9 & 10 X Company, a merchandising company, had the following transactions during 2020: Received $8,395 from new owners. Purchased
plz help me with problems 9 & 10
X Company, a merchandising company, had the following transactions during 2020: Received $8,395 from new owners. Purchased $8,196 worth of merchandise on account from suppliers. Sold merchandise on account to customers for $10,078; the merchandise cost X Company $8,062. Paid $3,155 to suppliers for merchandise that X Company had previously purchased on account. Collected $3,179 from customers who had previously purchased merchandise on account. Bought equipment for $10,115 with a down payment of $5,853 and a $4,262 loan from the bank. Paid wages of $1,085. Recognized the expiration of $525 of prepaid rent. 8. If total assets at the beginning of 2020 were $12,790, what were total assets at the end of 2020? Submit Answer Tries 0/3 9. If total liabilities at the beginning of 2020 were $3,981, what were total liabilities at the end of 2020? Submit Answer Tries 0/3 10. What was Net Income in 2020? Submit Answer Tries 0/3Step by Step Solution
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