Question
X company, a merchandising company, had the following transactions during the year: 1Received $ 8175 in cash contributions from the owners. 2Purchased $8402 worth of
X company, a merchandising company, had the following transactions during the year:
1Received $ 8175 in cash contributions from the owners.
2Purchased $8402 worth of merchandise on account from suppliers.
3 Sold merchandise on account to customers for $10777; the merchandise cost X company $ 7544
4 Paid $ 3369 to suppliers for merchandise that X company had previously purchased on account.
5 Collected $3175 from customers who had previously purchased merchandise on account.
6 Bought equipment for $10370 with a down payment of $5963 and a $4407 loan from the bank.
7 paid wages of $1141.
8 Recognized the expiration of $544 of prepaid rent.
Total assets at the beginning of the year were $13183. what were total assets at the end of the year(ignore depreciation on the equipment and interest on the loan
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