• Issued additional shares of stock for $113,000. • Acquired $8,500 of direct materials, $3,740 of it paid for with cash, the rest bought on open account. • A one year rental agreement was signed for $5,100 per month. Rent for the first two months was paid in advance. • Product sales were $124,000, $23,570 of which were on account; the rest were cash sales. Product costs were $78,120. • Paid wages and salaries of $11,463. • Paid $23,079 to suppliers for materials that X Company had previously purchased on account. Collected $23,570 from customers who had previously purchased products from X Company on account.
• Issued additional shares of stock for $113,000. • Acquired $8,500 of direct materials, $3,740 of it paid for with cash, the rest bought on open account. • A one year rental agreement was signed for $5,100 per month. Rent for the first two months was paid in advance. • Product sales were $124,000, $23,570 of which were on account; the rest were cash sales. Product costs were $78,120. • Paid wages and salaries of $11,463. • Paid $23,079 to suppliers for materials that X Company had previously purchased on account. Collected $23,570 from customers who had previously purchased products from X Company on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $116,167. The following transactions occurred during May:
• Issued additional shares of stock for $113,000.
• Acquired $8,500 of direct materials, $3,740 of it paid for with cash, the rest bought on open account.
• A one year rental agreement was signed for $5,100 per month. Rent for the first two months was paid in advance.
• Product sales were $124,000, $23,570 of which were on account; the rest were cash sales. Product costs were $78,120.
• Paid wages and salaries of $11,463.
• Paid $23,079 to suppliers for materials that X Company had previously purchased on account.
• Collected $23,570 from customers who had previously purchased products from X Company on account.
What would total assets be on May 317 (Ignore adjusting entries.]
A: $38,264
B: $55,483
C: $80,451
D: $116,654 E: $169,148
F: $245,265
Submit Answer
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Transcribed Image Text:X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $116,167. The following transactions occurred during May:
• Issued additional shares of stock for $113,000.
• Acquired $8,500 of direct materials, $3,740 of it paid for with cash, the rest bought on open account.
• A one year rental agreement was signed for $5,100 per month. Rent for the first two months was paid in advance.
• Product sales were $124,000, $23,570 of which were on account; the rest were cash sales. Product costs were $78,120.
• Paid wages and salaries of $11,463.
• Paid $23,079 to suppliers for materials that X Company had previously purchased on account.
• Collected $23,570 from customers who had previously purchased products from X Company on account.
What would total assets be on May 317 (Ignore adjusting entries.]
A: $38,264
B: $55,483
C: $80,451
D: $116,654 E: $169,148
F: $245,265
Submit Answer
Tries 0/99
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