Bal
| Balance Sheet |
| July 1 |
| Assets | Equities | ||
| Cash | $37,504 | Accounts Payable | $5,597 |
| Accounts Receivable | 5,251 | Notes Payable | 24,393 |
| Inventory | 14,842 | ||
| Prepayments | 3,199 | Paid-In Capital | 59,466 |
| Equipment | 61,801 | Retained Earnings | 33,141 |
| Total Assets | $122,597 | Total Equities | $122,597 |
The following were the company's July transactions:
- borrowed $26,000 from a bank
- bought equipment costing $10,200, paying the manufacturer $5,800 in cash and signing a note for $4,400
- purchased a $5,000, five-year insurance policy, paying for three years in advance
- paid back a previous loan for $3,520
6. What was the balance in the Cash account on July 31 [ignore adjusting entries]?
7. What were total assets on July 31 [ignore adjusting
entries]
Homework Answers
| X Company | |
| Solution-6: Computation of Cash balance on Jul 31 | |
| Cash at the beginning | $37,504.00 |
| Add: Borrowed from Bank | $26,000.00 |
| Less: Paid for equipment purchased | -$5,800.00 |
| Less: Paid in advance for insurance polcy(5000/5*3) | -$3,000.00 |
| Less: Paid back previous Loan | -$3,520.00 |
| Cash bala on 31 July | $51,184.00 |
| Correct answer is $51184 | |
| Solution-7: Computation of total asset on 31 July | |
| Cash bala on 31 Jul | $51,184.00 |
| Account Receivable | $5,251.00 |
| Inventory | $14,842.00 |
| Prepayment | $3,199.00 |
| Equipment (61801+10200) | $72,001.00 |
| Prepaid Insurance | $3,000.00 |
| Total Asset | $149,477.00 |
| Correct answer is $149477 | |
X Company prepares monthly financial statements. The following is the company's Equities Accounts Payable Notes Payable...
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2. prepare a trial balance at july 31
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