Question
Questions 4, 5, and 6 refer to the following information X Company is a merchandiser and prepares monthly financial statements. The following is its balance
Questions 4, 5, and 6 refer to the following information X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January:
Balance Sheet |
January 1 |
Assets | Equities | ||
Cash | $53,608 | Accounts Payable | $51,480 |
Accounts Receivable | 33,013 | Wages Payable | 1,485 |
Inventory | 84,951 | Notes Payable | 34,230 |
Prepaid Rent | 5,346 | Paid-In Capital | 232,461 |
Equipment | 205,801 | Retained Earnings | 63,063 |
Total Assets | $382,719 | Total Equities | $382,719 |
The following summary transactions occurred during January:
Sold stock to investors for $45,000.
Borrowed $21,000 from a bank.
Bought merchandise from suppliers, paying $3,062 and promising to pay $5,475 next month.
Bought equipment from a manufacturer, paying $31,700 and promising to pay $4,700 in three months.
Paid $3,860 to merchandise suppliers that it had promised to pay.
Sold merchandise, receiving $15,346 cash and promises to pay of $4,714; the merchandise that was sold previously cost $10,030.
Paid a total of $575 for rent and insurance in advance.
Received $3,379 from customers who had promised to pay.
Paid $5,680 for wages, utilties, and other miscellaneous expenses.
5. What were total equities on January 31?
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