The Balance Sheet at the beginning of the month shows Total Assets of $21,820 and during the month the following transactions occurred: (a) Purchase of $16,700 of inventory on account; (b) Purchase of $30,000 of machinery in cash; and (c) Payment of wages payable for $12350 in cash. Required 1: What are Total Assets at the end of the month? $[ Required 2: By how much did the Total liabilities changed? $

The Balance Sheet at the beginning of the month shows Total Assets of $21,820 and during the month the following transactions occurred: (a) Purchase of $16,700 of inventory on account; (b) Purchase of $30,000 of machinery in cash; and (c) Payment of wages payable for $12350 in cash. Required 1: What are Total Assets at the end of the month? $[ Required 2: By how much did the Total liabilities changed? $

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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