Questions 4, 5, and 6 refer to the following balance
sheet and transactions:
web> X Company is a merchandiser and prepares monthly financial
statements. The following is its balance sheet at the beginning of
July:
Balance Sheet |
July 1 |
Assets | Equities | ||
Cash | $52,340 | Accounts Payable | $63,268 |
Accounts Receivable | 34,362 | Notes Payable | 31,309 |
Inventory | 75,228 | ||
Prepaid Rent | 5,467 | Paid-In Capital | 234,140 |
Equipment | 223,352 | Retained Earnings | 62,032 |
Total Assets | $390,749 | Total Equities | $390,749 |
The following summary transactions occurred during July:
Note: Ignore adjusting entries. 4. What was the cash balance on July 31?
A: $49,226 | B: $57,594 | C: $67,385 | D: $78,841 | E: $92,244 | F: $107,925 | G: $126,272 | H: $147,739 |
Tries 0/3 |
5. What were total equities on July 31?
A: $277,615 | B: $369,228 | C: $491,073 | D: $653,127 | E: $868,659 | F: $1,155,317 | G: $1,536,571 | H: $2,043,639 |
Tries 0/3 |
6. What was Net Income in July?
A: $662 | B: $960 | C: $1,392 | D: $2,019 | E: $2,928 | F: $4,245 | G: $6,155 | H: $8,925 |
The answer has been presented in the supporting sheets. All the parts has been solved with detailed explanation and formulas and format. For detailed answers refer to the supporting sheets.
Questions 4, 5, and 6 refer to the following balance sheet and transactions: web> X Company...
Questions 4, 5, and 6 refer to the following balance sheet and transactionswebs X Company is a merehandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of July: Balance Sheet July 1 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities S53,017 Accounts Payable 32,513 Notes Payable 78,989 5,686 Paid-In Capital 213,255 Retained Earnings $56,601 33,195 218,915 74,749 $383,460 $383,460 Total Equities The following summary transactions occurred during July: 1. Sold stock...
Questions 4, 5, and G refer to the following balance sheet and transactions:web> X Company is a m and prepares monthly financial statements. The following is its balance sheet at the beginning of July: erchandiser Balance Shect July 1 Assets Cash Accounts Receivable Inventory Prepaid Rent Equities S51,256 Accounts Payable $62,519 31,599 32,765 Notes Payable 84,187 5,377 Paid-In Capital 233,176 Retained Earnings 249,758 62,885 $406,761 Total Assets 8406,761 Total Equities The following summary transactions occurred during July: 1. Sold stock...
web> X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of July: Balance Sheet July 1 Equities Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets $50,369 Accounts Payable 34,152 Notes Payable $55,049 31,017 83,921 6,383 Paid-In Capital 210,794 Retained Earnings 227,096 72,457 $385,619 $385,619 Total Equities The following summary transactions occurred during July: 1. Sold stock to investors for $43,000 2. Borrowed $27,000 from a bank and paid...
X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of July: Balance Sheet July 1 Assets Equities Cash $52,438 Accounts Payable $53,176 Accounts Receivable 34,819 Notes Payable 30,627 Inventory 80,386 Prepaid Rent 6,377 Paid-In Capital 227,278 Equipment 211,910 Retained Earnings 74,849 Total Assets $385,930 Total Equities $385,930 The following summary transactions occurred during July: Sold stock to investors for $42,000. Borrowed $26,000 from a bank and paid off a $13,000...
Questions 4, 5, nnd G refer to tlhe followng alanee heet and and prepares monthly finsancial >X Compuy is a merchandiser tatts. The allowing is its balance slheet at the beginning of July: Balance Sheet July 1 Assets Cash Accounts Reccivalile luventury Prepald Rent Equipnt Tutal Asets Equltles 53,177 Arrounts ayntle 31,23 Notes l'ayable 9,005 5,52 Paid-In Capital $51,020 31,142 230,283 6,574 $394,037 221,108 Retnined Earnings S4,037 Ttal Equities The followingranisactions occurred during July 1. Sold stock to inwestors for...
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $35,468 Accounts Payable $5,422 Accounts Receivable 5,138 Notes Payable 20,732 Inventory 10,785 Prepayments 3,667 Paid-In Capital 60,177 Equipment 68,219 Retained Earnings 36,946 Total Assets $123,277 Total Equities $123,277 The following were the company's July transactions: borrowed $30,000 from a bank bought equipment costing $10,000, paying the manufacturer $5,200 in cash and signing a note for $4,800 purchased a...
-4 M2-12 Reporting a Classified Balance Sheet Given the transactions in M2-9 (including the sample), prepare a classified balance sheet for Spotlighter, Inc., as of January 31. C. a. (Sample) Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e....
X Company prepares monthly financial statements. The following is the company's Equities Accounts Payable Notes Payable $5,904 20,142 Assets Cash Accounts Receivable Inventory Prepayments Equipment Total Assets $39,388 5,130 13,994 3,355 69,444 Paid-In Capital Retained Earnings Total Equities 75,085 30,180 $131,311 $131,311 The following were the company's July transactions: 1. borrowed $26,000 from a bank 2. bought equipment costing $10,500, paying the manufacturer $5,600 in cash and signing a note for $4,900 3. purchased a $6,000, five-year insurance policy, paying...
M2-12 Reporting a Classified Balance Sheet [LO 2-4] The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on...
1 2 3 4 5 6 All Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) Cash 14,300 Accounts Payable 1,900 Accounts Receivable 4,100 Debt 3,200 Inventory 5,800 Other Liabilities 4,000 Property Plant & Equipment 14,800 Total Liabilities 9,100 Other Assets 700 Paid-In Capital 7,700 Retained Earnings 22,900 Total Equity 30,600 Total Assets 39,700 Total Liabilities & Equity 39,700 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Purchase...