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X Company, a merchandising company, had the following transactions during 2020: Received $8,607 from new owners. Purchased $8,439 worth of merchandise on account from suppliers.
X Company, a merchandising company, had the following transactions during 2020:
- Received $8,607 from new owners.
- Purchased $8,439 worth of merchandise on account from suppliers.
- Sold merchandise on account to customers for $11,518; the merchandise cost X Company $9,214.
- Paid $3,510 to suppliers for merchandise that X Company had previously purchased on account.
- Collected $3,467 from customers who had previously purchased merchandise on account.
- Bought equipment for $9,483 with a down payment of $5,152 and a $4,331 loan from the bank.
- Paid wages of $1,147.
- Recognized the expiration of $567 of prepaid rent.
8. If total equities at the beginning of 2020 were $14,366, what were total equities at the end of 2020?
A: $17,815 | B: $20,131 | C: $22,748 | D: $25,705 | E: $29,047 | F: $32,823 |
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9. If total liabilities at the beginning of 2020 were $3,484, what were total liabilities at the end of 2020?
A: $8,832 | B: $9,980 | C: $11,278 | D: $12,744 | E: $14,401 | F: $16,273 |
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10. What was Net Income in 2020?
X Company, a merchandising company, had the following transactions during 2020: . . Received $8,607 from new owners. Purchased $8,439 worth of merchandise on account from suppliers. Sold merchandise on account to customers for $11,518; the merchandise cost X Company $9,214. Paid $3,510 to suppliers for merchandise that X Company had previously purchased on account. Collected $3,467 from customers who had previously purchased merchandise on account. Bought equipment for $9,483 with a down payment of $5,152 and a $4,331 loan from the bank. Paid wages of $1,147. Recognized the expiration of $567 of prepaid rent. . . 8. If total equities at the beginning of 2020 were $14,366, what were total equities at the end of 2020? O A: $17,815|OB: $20,131 Oc: $22,748 OD: $25,705 OE: $29,047| OF: $32,823 Submit Answer Tries 0/99 9. If total liabilities at the beginning of 2020 were $3,484, what were total liabilities at the end of 2020? OA: $8,832 B: $9,980OC: $11,278 OD: $12,744 OE: $14,401 OF: $16,273 Submit Answer Tries 0/99 10. What was Net Income in 2020? OA: $590|OB: $666| OC: $753| OD: $851 E: $961 F: $1,086 Submit Answer Tries 0/99Step by Step Solution
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