Question
X Company was created on September 1 and prepares monthly financial statements. During September, the company had the following transactions: 1. Received $84,000 from a
X Company was created on September 1 and prepares monthly financial statements. During September, the company had the following transactions:
1. Received $84,000 from a group of investors and received a $90,000 loan from the bank.
2. Bought $8,234 of merchandise, $3,683 for cash and $4,551 on account.
3. Bought equipment costing $10,200, paying the manufacturer $5,800 in cash and promising to pay the remaining $4,400 next month.
4. Sold merchandise for $21,800, of which $17,227 was for cash and $4,573 was on account; cost of the merchandise was $10,900.
5. Paid $3,233 to suppliers for merchandise previously bought on account.
6. Collected $2,699 from customers on account.
7. Paid wages of $5,130.
8. Paid a total of $564 for rent and insurance in advance.
9. Recorded depreciation of $1,600.
10. Recorded a total of $117 for rent and insurance that had expired.
Question: What were total equities on September 30?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started