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Calculation of Cash Balance | Calculation of Net Income | Calculation of Accounts Payable | |||||||
Opening Balance | 53,177.00 | Sales (15896+4504) | 20,400.00 | Opening Balance | 54,029.00 | ||||
Stock Sold | 42,000.00 | Cost of merchandise sold | (10,200.00) | Merchandise purchased (8118-3960) | 4,158.00 | ||||
Borrowed fro bank | 30,000.00 | Wages | (5,680.00) | Equipment purchased (39500-4100) | 35,400.00 | ||||
Paid of loan | (15,000.00) | Net Income | 4,520.00 | Payment to suppliers | (3,153.00) | ||||
Part payment for merchandise | (3,960.00) | Answer is Option E. | Closing Balance | 90,434.00 | A | ||||
Part payment for equipment | (4,100.00) | ||||||||
Payment to suppliers | (3,153.00) | Calculation of Notes Payable | |||||||
Merchandise sold | 15,896.00 | Opening Balance | 34,149.00 | ||||||
Rent Paid | (580.00) | Borrowed fro bank | 30,000.00 | ||||||
Received from customers | 3,370.00 | Paid of loan | (15,000.00) | ||||||
Paid Wages | (5,680.00) | Closing Balance | 49,149.00 | B | |||||
Closing Balance | 111,970.00 | ||||||||
Answer is Option E. | Calculation of Paid in capital | ||||||||
Opening Balance | 239,285.00 | ||||||||
Stock Sold | 42,000.00 | ||||||||
Closing Balance | 281,285.00 | C | |||||||
Calculation of Retained Earnings | |||||||||
Opening Balance | 66,574.00 | ||||||||
Net Income | 4,520.00 | ||||||||
Closing Balance | 71,094.00 | D | |||||||
Total Equities | 491,962.00 | E=A+B+C+D | |||||||
Answer is Option E. | |||||||||
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: Bal...
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