X Company reports these account balances on March 31, 2021 Accounts Payable $7.000 Accounts Receivable 52,000 Accumulated Depreciation 5,000 Capital Stock 225,000 Cash 128,000 Equipment 194,000 Goodwill 20,000 Retained Eaminp 125,000 Salaries Payable 32,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
X Company reports these account
balances on March 31, 2021
Accounts Payable
$7,000
Accounts Receivable
52,000
Accumulated Depreciation
5,000
Capital Stock
225,000
Cash
128,000
Equipment
194,000
Goodwill
20,000
Retained Eaming
125,000
Salaries Payable
32.000
Transcribed Image Text:X Company reports these account balances on March 31, 2021 Accounts Payable $7,000 Accounts Receivable 52,000 Accumulated Depreciation 5,000 Capital Stock 225,000 Cash 128,000 Equipment 194,000 Goodwill 20,000 Retained Eaming 125,000 Salaries Payable 32.000
On April 9, 2021, X Company collected
$3,000 from customers previously
billed for services performed in the
first quarter of 2021. Assume that this
was the only transaction in April. Refer
to the above data. On April 9, 2021, the
balance in cash account is:
O $125,000
O $128,000
O $131,000
O None of the above
Transcribed Image Text:On April 9, 2021, X Company collected $3,000 from customers previously billed for services performed in the first quarter of 2021. Assume that this was the only transaction in April. Refer to the above data. On April 9, 2021, the balance in cash account is: O $125,000 O $128,000 O $131,000 O None of the above
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education