Question

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 off a $10,000 bank loan 3. Bought $8,904 of merchandise from suppliers, paying $3,563 and promising to pay the rest in August 4. Bought equipment for $44,200 from a manufacturer, paying $4,600 and promising to pay the rest in September. 5. Paid $4,081 to suppliers that it bought merchandise from in June 6. Sold merchandise, receiving $17,185 cash and promises from customers to pay $4,655; the merchandise that was sold cost $10,920 and was purchased earlier in July 7. Paid $574 for rent in advance 8. Received $3,282 from customers who purchased merchandise last month 9. Paid wages and other miscellaneous expenses totaling $5,150 Note: Ignore adjusting entries. 4. What was the cash balance on July 31? A:丰112,868|| B: $150, 1141 Submit Answer Tries 0/3 C: $199,652 | D: $265,537|| E: $353,165 | F: $469,709| G: $624,713| H: $830,869 5. What were total equities on July 31? A: 丰435,619|| B: Tries 0/3 $492,249| C: $556,241 | D: $628,553 E: $710, 265 | F: $802,599 | G: $906,937|| H: $1,024,839 Submit Answer 6. What was Net Income in July? A:串2,744| B: $3,979| C: $5,770| D: $8,366| E: $12,131 | F: $17,591 | G: $25,5061 H: $36,984

Answer 1

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