X Company was formed on July 1, 2014, and had the following transactions during

Question

X Company was formed on July 1, 2014, and had the following transactions during the rest of 2014: received $8,577 in cash contributions from the owners purchased $8,028 worth of merchandise, all on account sold merchandise that cost $8,794 for $10,992, all on account paid $3,154 to suppliers for merchandise purchased on account received $3,554 from customers for merchandise sold on account paid $5,415 for land and equipment borrowed cash from the bank in the amount of $4,209 What were total assets on December 31, 2014 (ignore depreciation on the equipment and interest on the loan)?

Explanation / Answer

Particulars Amount Cash Contribution from owner 8577 Merchandise purchased on account 8028 Profit on sale of mnerchandise 2198 Borrowed cash from bank 4209 Less: Paid to suppliers 3154 Value of total assets 19858

Related Questions

Navigate

• Browse (All)
• Browse X
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.