Questions 7 & 8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $27,000 from a bank. 2. Bought equipment costing $9,500, paying the manufacturer $5,300 in cash and promising to pay the remaining $4,200 next month. 3. Paid utility expenses of $5,479. 4. Purchased a $6,000, five-year insurance policy, paying for three years in advance. S. Paid back a previous loan for $3,700. 7. If total liabilities on August 1 were $30,614, what were total liabilities on August 317 8. If total assets on August 1 were $70,849, what were total assets on August 317

Questions 7 & 8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $27,000 from a bank. 2. Bought equipment costing $9,500, paying the manufacturer $5,300 in cash and promising to pay the remaining $4,200 next month. 3. Paid utility expenses of $5,479. 4. Purchased a $6,000, five-year insurance policy, paying for three years in advance. S. Paid back a previous loan for $3,700. 7. If total liabilities on August 1 were $30,614, what were total liabilities on August 317 8. If total assets on August 1 were $70,849, what were total assets on August 317

Name: Questions 7 & 8 refer to the following information:X Company, a merch
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Description: Questions 7 & 8 refer to the following information:X Company, a merchandiser, had the following transactions in August:1. Borrowed $27,000 from a bank.2. Bought equipment costing $9,500, paying the manufacturer $5,300 in cash and promising to pay th

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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