X Company is a merchandiser and prepares monthly financial statements. The follo

Question

X Company is a merchandiser and prepares monthly financial statements. The following is its balance sheet at the beginning of January Balance January Equities Payable $58,801 1,418 30,989 Accounts 30,518 Payable Inventory 84,124 Payable Paid-In Capital 215,441 Equipment 203,205 Earnings 68,769 Tota $375,418 Equities The following summary transactions occurred during 1. Sold stock to investors for $45,000 2. Borrowed $21,000 from a bank. 3. Bought merchandise from suppliers, paying $3,429 and promising to pay $4,891 next month. 4. Bought equipment from a manufacturer, paying $35,100 and promising to pay $4,300 in three 5. Paid $3,331 to merchandise suppliers that it had promised to pay. 6. Sold merchandise, receiving $15,447 cash and promises to pay of $4,683; the merchandise that was sold previously cost $10,065 7. Paid a total of $550 for rent and insurance in 8. Received $3,351 from customers who had promised to pay. 9. Paid $5,000 for wages, utilties, and other miscellaneous expenses. Note: Ignore adjusting entries. . What was the cash balance on January 31? Submit AnsrTries 0/3 5. What were total equities on January 31? Submit Answer Tries 0/3 6. What was net income in January Submi Answer

Explanation / Answer

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Cash balance 89708

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