Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $91,465 Accounts Payable $248,644 Wages Payable Notes Payable Paid-In Capital Retained Earnings Accounts Receivable 14,685 1,296 Inventory 153,819 31,141 Prepaid Rent 6,125 238,187 Equipment 327,841 74,667 Total Assets $593,935 Total Equities $593,935 The following summary transactions occurred during 2021: • paid $82,645 to suppliers for merchandise previously purchased on account • purchased $322,806 of merchandise on account and $158,994 for cash • sold merchandise for $440,725 on account and $281,775 for cash; the merchandise cost $411,825 • agreed to a four-year rental lease for $8,000 and paid $2,000 in advance • received $220,569 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $793,384 B: $896,524 C: $1,013,072 OD: $1,144,771 E: $1,293,591 OF: $1,461,758 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $389,313OB: $455,496 OC: $532,931 D: $623,529 OE: $729,529 F: $853,549

Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $91,465 Accounts Payable $248,644 Wages Payable Notes Payable Paid-In Capital Retained Earnings Accounts Receivable 14,685 1,296 Inventory 153,819 31,141 Prepaid Rent 6,125 238,187 Equipment 327,841 74,667 Total Assets $593,935 Total Equities $593,935 The following summary transactions occurred during 2021: • paid $82,645 to suppliers for merchandise previously purchased on account • purchased $322,806 of merchandise on account and $158,994 for cash • sold merchandise for $440,725 on account and $281,775 for cash; the merchandise cost $411,825 • agreed to a four-year rental lease for $8,000 and paid $2,000 in advance • received $220,569 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $793,384 B: $896,524 C: $1,013,072 OD: $1,144,771 E: $1,293,591 OF: $1,461,758 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $389,313OB: $455,496 OC: $532,931 D: $623,529 OE: $729,529 F: $853,549

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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KIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 81,500 $ 54,000 Accounts receivable, net 80,000 61,000 Inventory 73,800 101,500 Prepaid expenses 5,400 7,400 Total current assets 240,700 223,900 Equipment 134,000 125,000 Accumulated depreciation—Equipment (32,000) (14,000) Total assets $ 342,700 $ 334,900 Liabilities and Equity Accounts payable $ 35,000 $ 45,000 Wages payable 7,000 17,000 Income taxes payable 4,400 5,800 Total current liabilities 46,400 67,800 Notes payable (long term) 32,000 70,000 Total liabilities 78,400 137,800 Equity Common stock, $5 par value 240,000 170,000 Retained earnings 24,300 27,100 Total liabilities and equity $ 342,700 $ 334,900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 728,000 Cost of goods sold 421,000 Gross profit 307,000 Operating expenses (excluding depreciation) 77,000 Depreciation expense 68,600 161,400…
Questions 6 and 7 refer to the following information The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $98,677 Accounts Payable $227,659 Accounts Receivable 12,851 Wages Payable 1,230 Inventory 159,370 Notes Payable 30,751 Prepaid Rent 6,040 Paid-In Capital 263,939 Equipment 321,448 Retained Earnings 74,807 Total Assets $598,386 Total Equities $598,386 The following summary transactions occurred during 2021: • paid $85,551 to suppliers for merchandise previously purchased on account • paid $25,610 for advertising • sold merchandise for $442,764 on account and $260,036 for cash; the merchandise cost $372,484 • agreed to a five-year rental lease for $10,000 and paid $2,000 in advance • received $8,596 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? A: $440,868 OB: $515,816 OC: $603,504OD: $706,100 E: $826,137OF: $966,580…
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