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XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Co

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Answer #1
Cash ($90,000-$50,000-$32,400+49,000-20,000+44,000) $     80,600
Inventory ($50,000 - $25,000) $     25,000
Prepaid insurance ($32,400 - ($32,400/36*7) $     26,100
Equipment $     60,000
Accumulated depreciation (($60,000-$4,200)/10*5/12) $     (2,325)
Total assets $   189,375

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