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X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January: Balance Sheet January 1

X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January:

Balance Sheet
January 1
Assets Equities
Cash $52,864 Accounts Payable $53,842
Accounts Receivable 30,569 Wages Payable 1,147
Inventory 81,221 Notes Payable 34,975
Prepaid Rent 6,444 Paid-In Capital 249,018
Equipment 241,071 Retained Earnings 73,187
Total Assets $412,169 Total Equities $412,169

The following summary transactions occurred during January:

Sold stock to investors for $45,000.

Borrowed $26,000 from a bank.

Bought merchandise from suppliers, paying $3,330 and promising to pay $5,301 next month.

Bought equipment from a manufacturer, paying $33,400 and promising to pay $5,000 in three months.

Paid $3,707 to merchandise suppliers that it had promised to pay.

Sold merchandise, receiving $17,197 cash and promises to pay of $4,353; the merchandise that was sold previously cost $10,775.

Paid a total of $530 for rent and insurance in advance.

Received $2,564 from customers who had promised to pay.

Paid $5,370 for wages, utilties, and other miscellaneous expenses.

Note: Ignore adjusting entries. 4. What was the cash balance on January 31?

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