The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $97,606 Accounts Payable 5214,297 Wages Payable Notes Payable Paid-In Capital Accounts Receivable 13,400 1,175 Inventory Prepaid Rent Equipment 155,876 30,241 5,876 321,305 283,465 Retained Earnings 64,885 Total Assets $594,063 Total Equities $594,063 The following summary transactions occurred during 2021: • paid $81,465 to suppliers for merchandise previously purchased on account • paid $20,710 for advertising • sold merchandise for $446,152 on account and s273,448 for cash; the merchandise cost s388,584 • paid $5,860 for land and equipment • recelved $8,715 in cash contributions from new owners Note: For the questions belov, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021?
The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $97,606 Accounts Payable 5214,297 Wages Payable Notes Payable Paid-In Capital Accounts Receivable 13,400 1,175 Inventory Prepaid Rent Equipment 155,876 30,241 5,876 321,305 283,465 Retained Earnings 64,885 Total Assets $594,063 Total Equities $594,063 The following summary transactions occurred during 2021: • paid $81,465 to suppliers for merchandise previously purchased on account • paid $20,710 for advertising • sold merchandise for $446,152 on account and s273,448 for cash; the merchandise cost s388,584 • paid $5,860 for land and equipment • recelved $8,715 in cash contributions from new owners Note: For the questions belov, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...
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