EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February...

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EQ-j9 Company began operations in 2021 and entered into the following transactions during the year: February...

EQ-j9 Company began operations in 2021 and entered into the following
transactions during the year:

February 15:     Sold common stock to owners for $280,000 cash.

May 22:          Purchased inventory costing $37,000 on account.

June 1:          Received $44,000 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 $119,000.
                 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 $18,000 to the supplier who the inventory was
                 purchased from on May 22.

December 31:     Received a $32,000 bill from the utility company. EQ-j9
                 Company will pay the bill next month.

December 31:     Recorded all necessary adjusting entries.

Calculate the total assets reported in EQ-j9 Company's December 31 2021
balance sheet.

business accounting

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Answer 1

Answer #1

Calculate total assets

Date	Effect on assets
Feb 15	280000
May 22	37000
June 1	44000
Aug 1	84000 -84000
Aug 19	119000 -37000*3/4 = -27750
Sep 16	-18000
Dec 31	-84000*5/48 = -8750
Total assets	425500

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Answer 2

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