The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable Notes Payable 1,138 Inventory 151,823 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Equipment 348,579 Retained Earnings 60,906 Total Assets $615,250 Total Equities $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 5. What was the cash balance on December 31, 2021? OA: $73,440|OB: $106,488 Oc: $154,407 OD: $223,890| O E: $324,640 O F: $470,729| Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 B: $514,334| C: $684,064 O D: $909,805|O E: $1,210,041 F: $1,609,354 Submit Answer Tries 0/99

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $96,928 Accounts Payable $205,898 Accounts Receivable 11,528 Wages Payable Notes Payable 1,138 Inventory 151,823 33,991 Prepaid Rent 6,392 Paid-In Capital 313,317 Equipment 348,579 Retained Earnings 60,906 Total Assets $615,250 Total Equities $615,250 The following summary transactions occurred during 2021: • borrowed $4,183 from the bank • purchased $268,201 of merchandise on account and $132,099 for cash • sold merchandise for $448,384 on account and $252,216 for cash; the merchandise cost $399,342 • paid $5,921 for land and equipment • received $8,583 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 5. What was the cash balance on December 31, 2021? OA: $73,440|OB: $106,488 Oc: $154,407 OD: $223,890| O E: $324,640 O F: $470,729| Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? O A: $386,717 B: $514,334| C: $684,064 O D: $909,805|O E: $1,210,041 F: $1,609,354 Submit Answer Tries 0/99

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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