Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thank you for your support X Company, a merchandiser, started business on June 1. The following were June transactions: 1. Received $97,000 from a group

thank you for your support image text in transcribed
X Company, a merchandiser, started business on June 1. The following were June transactions: 1. Received $97,000 from a group of investors. 2. Bought $8,010 of merchandise, $3,221 for cash and $4,789 on account. 3. Sold merchandise for $20,000, of which $15,340 was for cash and $4,660 was on account; Cost of Goods Sold was 55% of sales. 4. Paid $3,346 to suppliers for merchandise previously bought on account. 5. Paid wages of $5.180. 6. Collected $2,681 from customers on account. 7. Paid $5,400 for rent in advance. 4. What was the balance in the cash account on June 30 ? B: $67,499 C: $97,874 F: $298,381 Tries 0/99 5. What were total equities on June 30 ? B: $90,498 Tries 0/99

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting A Smart Approach

Authors: Mary Carey, Jane Towers Clark, Cathy Knowles

1st Edition

0199587418, 978-0199587414

More Books

Students also viewed these Accounting questions

Question

Dont smell (i.e., too much perfume/cologne).

Answered: 1 week ago

Question

What do you think accounts for the fact that turnover is low?

Answered: 1 week ago