Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $91,465 Accounts Payable $248,644 Wages Payable Notes Payable Paid-In Capital Retained Earnings Accounts Receivable 14,685 1,296 Inventory 153,819 31,141 Prepaid Rent 6,125 238,187 Equipment 327,841 74,667 Total Assets $593,935 Total Equities $593,935 The following summary transactions occurred during 2021: • paid $82,645 to suppliers for merchandise previously purchased on account • purchased $322,806 of merchandise on account and $158,994 for cash • sold merchandise for $440,725 on account and $281,775 for cash; the merchandise cost $411,825 • agreed to a four-year rental lease for $8,000 and paid $2,000 in advance • received $220,569 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $793,384 B: $896,524 C: $1,013,072 OD: $1,144,771 E: $1,293,591 OF: $1,461,758 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $389,313OB: $455,496 OC: $532,931 D: $623,529 OE: $729,529 F: $853,549

Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $91,465 Accounts Payable $248,644 Wages Payable Notes Payable Paid-In Capital Retained Earnings Accounts Receivable 14,685 1,296 Inventory 153,819 31,141 Prepaid Rent 6,125 238,187 Equipment 327,841 74,667 Total Assets $593,935 Total Equities $593,935 The following summary transactions occurred during 2021: • paid $82,645 to suppliers for merchandise previously purchased on account • purchased $322,806 of merchandise on account and $158,994 for cash • sold merchandise for $440,725 on account and $281,775 for cash; the merchandise cost $411,825 • agreed to a four-year rental lease for $8,000 and paid $2,000 in advance • received $220,569 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $793,384 B: $896,524 C: $1,013,072 OD: $1,144,771 E: $1,293,591 OF: $1,461,758 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $389,313OB: $455,496 OC: $532,931 D: $623,529 OE: $729,529 F: $853,549

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 69.3C

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