X Company reports these accountbalances on March 31, 2021Accounts Payable$7,000Accounts Receivable52,000Accumulated Depreciation5,000Capital Stock225,000Cash128,000Equipment194,000Goodwill20,000Retained Eaming125,000Salaries Payable32.000 On April 9, 2021, X Company collected$3,000 from customers previouslybilled for services performed in thefirst quarter of 2021. Assume that thiswas the only transaction in April. Referto the above data. On April 9, 2021, thebalance in cash account is:O $125,000O $128,000O $131,000O None of the above

The answer for the multiple choice question is given hereunder :

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

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

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