X company was formed on july 1 2014 and had following transactions during the re

ID: 2500971 • Letter: X

Question

X company was formed on july 1 2014 and had following transactions during the rest of 2014:

received $8116 in cash contributions from the owners

purchased $8675 worth of merchandise all on account

paid $3806 to suppliers for merchandise purchased on account

received $3280 from customers for merchandise sold on account

borrowed cash from the bank in the amuount of $4861

what were total assets on December 31 2015(ignore depreciation on the equipment and interest on the loan)?

A 11170 B 13068 C 15290 D 17889 E 20931 F 24489

TOTal asset = 6962 +8675 -3280 +5489 = 17846

Correct option is "D" - 17889 (approx 17846 )

cash Inventory Accounts receivable Land 1 + 8116 2 + 8675 3 - 3806 4 +3280 - 3280 5 - 5489 5489 6 + 4861 Total 6962 8675 - 3280 5489

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