Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable Notes Payable 1,138 Inventory 151,823 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Equipment 348,579 Retained Earnings 60,906 Total Assets $615,250 Total Equities $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 5. What was the cash balance on December 31, 2021? OA: $73,440|OB: $106,488 Oc: $154,407 OD: $223,890| O E: $324,640 O F: $470,729| Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 B: $514,334| C: $684,064 O D: $909,805|O E: $1,210,041 F: $1,609,354 Submit Answer Tries 0/99

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable Notes Payable 1,138 Inventory 151,823 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Equipment 348,579 Retained Earnings 60,906 Total Assets $615,250 Total Equities $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 5. What was the cash balance on December 31, 2021? OA: $73,440|OB: $106,488 Oc: $154,407 OD: $223,890| O E: $324,640 O F: $470,729| Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 B: $514,334| C: $684,064 O D: $909,805|O E: $1,210,041 F: $1,609,354 Submit Answer Tries 0/99

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...
See similar textbooks
icon
Related questions
Question
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable 1,138 Inventory 151,823 Notes Payable 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Retained Earnings Total Equities Equipment 348,579 60,906 Total Assets $615,250 $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? O A: $73,440O B: $106,488 Oc: $154,407 OD: $223,890 OE: $324,640 F: $470,729 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 O B: $514,334 Oc: $684,064 O D: $909,805| O E: $1,210,041|O F: $1,609,354 Submit Answer Tries 0/99
Transcribed Image Text:The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable 1,138 Inventory 151,823 Notes Payable 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Retained Earnings Total Equities Equipment 348,579 60,906 Total Assets $615,250 $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? O A: $73,440O B: $106,488 Oc: $154,407 OD: $223,890 OE: $324,640 F: $470,729 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 O B: $514,334 Oc: $684,064 O D: $909,805| O E: $1,210,041|O F: $1,609,354 Submit Answer Tries 0/99
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Questions 6 and 7 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $98,677 Accounts Payable $227,659 Accounts Receivable 12,851 Wages Payable 1,230 Inventory 159,370 Notes Payable 30,751 Prepaid Rent 6,040 Paid-In Capital 263,939 Equipment 321,448 Retained Earnings 74,807 Total Assets $598,386 Total Equities $598,386 The following summary transactions occurred during 2021: • paid $85,551 to suppliers for merchandise previously purchased on account • paid $25,610 for advertising • sold merchandise for $442,764 on account and $260,036 for cash; the merchandise cost $372,484 • agreed to a five-year rental lease for $10,000 and paid $2,000 in advance • received $8,596 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? A: $440,868 OB: $515,816 OC: $603,504OD: $706,100 E: $826,137OF: $966,580 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? A: $174,089 OB: $217,611 OC: $272,014 D: $340,018 E: $425,022| F: $531,277 Submit Answer Tries 0/99
Transcribed Image Text:Questions 6 and 7 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $98,677 Accounts Payable $227,659 Accounts Receivable 12,851 Wages Payable 1,230 Inventory 159,370 Notes Payable 30,751 Prepaid Rent 6,040 Paid-In Capital 263,939 Equipment 321,448 Retained Earnings 74,807 Total Assets $598,386 Total Equities $598,386 The following summary transactions occurred during 2021: • paid $85,551 to suppliers for merchandise previously purchased on account • paid $25,610 for advertising • sold merchandise for $442,764 on account and $260,036 for cash; the merchandise cost $372,484 • agreed to a five-year rental lease for $10,000 and paid $2,000 in advance • received $8,596 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? A: $440,868 OB: $515,816 OC: $603,504OD: $706,100 E: $826,137OF: $966,580 Submit Answer Tries 0/99 7. What were total liabilities on December 31, 2021? A: $174,089 OB: $217,611 OC: $272,014 D: $340,018 E: $425,022| F: $531,277 Submit Answer Tries 0/99
Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Horizontal Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Fundamentals Of Financial Management, Concise Edi…
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS