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X Company, a merchandiser, had the following transactions in August: Borrowed $25,000 from a bank. Bought equipment costing $10,600, paying the manufacturer $5,900 in cash
X Company, a merchandiser, had the following transactions in August: Borrowed $25,000 from a bank. Bought equipment costing $10,600, paying the manufacturer $5,900 in cash and promising to pay the remaining $4,700 next month. Paid utility expenses of $5,997. Purchased a $5,000, five-year insurance policy, paying for two years in advance. Paid back a previous loan for $3,010.
8. If total equities on August 1 were $74,333, what were total equities on August 31?
A: $40,391 | B: $53,720 | C: $71,448 | D: $95,026 | E: $126,385 | F: $168,091 |
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