a Company started tasks in 2021 and went into the accompanying exchanges during the year February...
a Company started tasks in 2021 and went into the accompanying
exchanges during the year
February 15: ||| common stock was sold to owners for $252,000 cash.|||
May 22: ||| Purchased inventory costing $59,000 on account.|||
June 1: |||Received $43,000 cash from a customer for services|||
to be performed over the next ten months.
August 1: |||Purchased a 4-year insurance policy for $84,000 cash.|||
August 19: |||Sold ¾ of the inventory purchased on May 22 for $131,000.|||
||| The customer paid ½ of the bill on August 19 and agreed|||
||| to pay the other ½ at a future point in time.|||
September 16: ||| Paid $17,000 to the supplier who the inventory was|||
|||purchased from on May 22.|||
December 31: ||| Received a $21,000 bill from the utility company. EQ-j9|||
||| Company will pay the bill next month.|||
December 31: |||Recorded all necessary adjusting entries.|||
Calculate:total assets reported in Company's December 31 2021Homework Answers
Calculate total assets
| Transaction | Effect on assets |
| Feb 15 | 252000 |
| May 22 | 59000 |
| June 1 | 43000 |
| Aug 1 | No effect |
| Aug 19 |
131000 -59000*3/4 = -44250 |
| September 16 | -17000 |
| Dec 31 | -84000/48*5 = -8750 |
| Total assets | 415000 |
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