Question
X Company, a merchandiser, had the following transactions in August: Borrowed $30,000 from a bank. Bought equipment costing $9,700, paying the manufacturer $5,500 in cash
X Company, a merchandiser, had the following transactions in August:
Borrowed $30,000 from a bank.
Bought equipment costing $9,700, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,200 next month.
Paid utility expenses of $5,890.
Purchased a $5,000, five-year insurance policy, paying for two years in advance.
Paid back a previous loan for $3,800.
7. If total liabilities on August 1 were $30,739, what were total liabilities on August 31?
A: $52,256 | B: $61,139 | C: $71,533 | D: $83,693 | E: $97,921 | F: $114,568 |
Answer Submitted: Your final submission will be graded after the due date. | Tries 1/99 | Previous Tries |
8. If total equities on August 1 were $73,299, what were total equities on August 31?
A: $59,988 | B: $67,787 | C: $76,599 | D: $86,557 | E: $97,809 | F: $110,524 |
Answer Submitted: Your final submission will be graded after the due date. | Tries 1/99 |
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