The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities $96,079 11,981 Cash Accounts Payable $217,273 Accounts Receivable Wages Payable 1,447 Inventory Prepaid Rent 159,073 Notes Payable 30,765 5,384 Paid-In Capital 292,338 Equipment 331,181 Retained Earnings 61,875 Total Assets $603,698 Total Equities $603,698 The following summary transactions occurred during 2021: • borrowed $4,494 from the bank • paid $28,360 for advertising • sold merchandise for $428,400 on account and $285,600 for cash; the merchandise cost $371,280 • agreed to a four-year rental lease for $10,000 and paid $2,500 in advance • received $201,903 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 20217 A: $315,007 B: 5418,9590 C: $557,216 OD: $741,097CE: $985,659 F: $1,310,927 5. What were total liabilities on December 31, 2021? A: $185,535 B: $217,076 C: $253,979 D: $297,155 E: $347,672 F: $406,776

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities $96,079 11,981 Cash Accounts Payable $217,273 Accounts Receivable Wages Payable 1,447 Inventory Prepaid Rent 159,073 Notes Payable 30,765 5,384 Paid-In Capital 292,338 Equipment 331,181 Retained Earnings 61,875 Total Assets $603,698 Total Equities $603,698 The following summary transactions occurred during 2021: • borrowed $4,494 from the bank • paid $28,360 for advertising • sold merchandise for $428,400 on account and $285,600 for cash; the merchandise cost $371,280 • agreed to a four-year rental lease for $10,000 and paid $2,500 in advance • received $201,903 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 20217 A: $315,007 B: 5418,9590 C: $557,216 OD: $741,097CE: $985,659 F: $1,310,927 5. What were total liabilities on December 31, 2021? A: $185,535 B: $217,076 C: $253,979 D: $297,155 E: $347,672 F: $406,776

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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