Answered step by step
Verified Expert Solution
Question
1 Approved Answer
X Company, a manufacturer, prepares monthly financial statements. On January 1, total assets were $117,439. The following transactions occurred during January: . Issued additional shares
X Company, a manufacturer, prepares monthly financial statements. On January 1, total assets were $117,439. The following transactions occurred during January: . Issued additional shares of stock for $116,000. Acquired $8,600 of direct materials, $4,386 of it bought on open account, the rest paid for with cash. A one year rental agreement was signed for $5,000 per month. Rent for the first two months was paid in advance. Product sales were $109,000, $23,636 of which were cash sales; the rest were on account. Product costs were $78,480. Paid wages and salaries of $10,109. Paid $23,636 to suppliers for materials that X Company had previously purchased on account. Collected $23,321 from customers who had previously purchased products from X Company on account. What would total assets be on January 31? [Ignore adjusting entries.] A: $161,793 B: $234,600|| Oc: $340,170|| OD: $493,246|| OE: $715,207| OF: $1,037,051
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started