e following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $94,017 Accounts Payable 11,357 Wages Payable 159,109 Notes Payable 6,038 Paid-In Capital $220,885 Accounts Receivable 1,125 34,625 274,069 Inventory Prepaid Rent Equipment 326,099 Retained Earnings 65,916 Total Assets $596,620 Total Equities $596,620 e following summary transactions occurred during 2021: • paid $86,119 to suppliers for merchandise previously purchased on account • paid $25,780 for advertising sold merchandise for $437,100 on account and $267,900 for cash; the merchandise cost $366,600 • paid $5,191 for land and equipment • received $245,811 from customers for merchandise previously sold on account te: For the questions below, ignore adjusting entries on December 31, 2021. What were total assets on December 31, 2021? A: $375,435 OB: $439,259 Oc: $513,933 D: $601,301 CE: $703,522 OF: $823,121 ubmit Anewer Tuiae 0/00

e following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $94,017 Accounts Payable 11,357 Wages Payable 159,109 Notes Payable 6,038 Paid-In Capital $220,885 Accounts Receivable 1,125 34,625 274,069 Inventory Prepaid Rent Equipment 326,099 Retained Earnings 65,916 Total Assets $596,620 Total Equities $596,620 e following summary transactions occurred during 2021: • paid $86,119 to suppliers for merchandise previously purchased on account • paid $25,780 for advertising sold merchandise for $437,100 on account and $267,900 for cash; the merchandise cost $366,600 • paid $5,191 for land and equipment • received $245,811 from customers for merchandise previously sold on account te: For the questions below, ignore adjusting entries on December 31, 2021. What were total assets on December 31, 2021? A: $375,435 OB: $439,259 Oc: $513,933 D: $601,301 CE: $703,522 OF: $823,121 ubmit Anewer Tuiae 0/00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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