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Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets ary transactions occurred during 2021: 921 from the bank for advertising Hise for S470. 600

Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets ary transactions occurred during 2021: 921 from the bank for advertising Hise for S470. 600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5. What were total liabilities on December 31, 2021?
Transcribed Image Text:5. What were total liabilities on December 31, 2021?
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $86,636 Accounts Payable $230,564 Accounts Receivable 13,727 Wages Payable 1,477 Inventory 154,576 Notes Payable 32,634 Prepaid Rent 5,790 Paid-In Capital 243,895 Equipment 311,217 Retained Earnings 63,376 Total Assets $571,946 Total Equities $571,946 The following summary transactions occurred during 2021: • borrowed $4,921 from the bank paid $24,120 for advertising • sold merchandise for $470,600 on account and $253,400 for cash; the merchandise cost $398,200 • paid $5,776 for land and equipment • received ś8,431 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021?
Transcribed Image Text:The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $86,636 Accounts Payable $230,564 Accounts Receivable 13,727 Wages Payable 1,477 Inventory 154,576 Notes Payable 32,634 Prepaid Rent 5,790 Paid-In Capital 243,895 Equipment 311,217 Retained Earnings 63,376 Total Assets $571,946 Total Equities $571,946 The following summary transactions occurred during 2021: • borrowed $4,921 from the bank paid $24,120 for advertising • sold merchandise for $470,600 on account and $253,400 for cash; the merchandise cost $398,200 • paid $5,776 for land and equipment • received ś8,431 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021?
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