Question
X Company, a merchandising company, had the following transactions during the year: 1. Received $8,575 from new owners. 2. Purchased $8,820 worth of merchandise on
X Company, a merchandising company, had the following transactions during the year:
1. Received $8,575 from new owners. 2. Purchased $8,820 worth of merchandise on account from suppliers. 3. Sold merchandise on account to customers for $10,874; the merchandise cost X Company $6,524. 4. Paid $3,289 to suppliers for merchandise that X Company had previously purchased on account. 5. Collected $3,049 from customers who had previously purchased merchandise on account. 6. Bought equipment for $10,212 with a down payment of $5,322 and a $4,890 loan from the bank. 7. Paid wages of $1,070. 8. Recognized the expiration of $586 of prepaid rent.
If total assets at the beginning of the year were $14,464, what were total assets at the end of the year?
A: $36,154 | B: $45,192 | C: $56,490 | D: $70,612 | E: $88,266 | F: $110,332 |
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