Balance Sheet January1 Assets Cash Accounts Receivable $54,197 Accounts Payable

Question

Balance Sheet January1 Assets Cash Accounts Receivable $54,197 Accounts Payable 34,456 Wages Payable 79,767 Notes Payable 5,268 Paid-In Capital 206,885 Retained Earnings $60,512 1,022 32,756 211,571 74,712 $380,573 Prepaid Rent Total Assets 380,573 Total Equities The following summary transactions occurred during January 1. Sold stock to investors for $50,000. 2. Borrowed $29,000 from a bank . Bought merchandise from suppliers, paying $3,521 and promising to pay $4,484 next month 4. Bought equipment from a manufacturer, paying $33,900 and promising to pay $4,700 in three months. 5. Paid $3,013 to merchandise suppliers that it had promised to pay. 6. Sold merchandise, receiving $16,350 cash and promises to pay of $4,890; the merchandise that was sold previously cost $10,620. 7. Paid total of $506 for rent and insurance in advance. 8. Received $3,104 from customers who had promised to pay. 9. Paid $5,520 for wages, utilties, and other miscellaneous expenses. Note: Ignore adjusting entries 4. What was the cash balance on January 317 Submit Answer Tries 0/3 5. What were total equities on January 31? Tries 0/3 Submit Answer

Explanation / Answer

4)cash balance on january 31 is $106,191 5)total Equities on january 31 is $336,283 Cash balance Equity balance Net Income Opening balances $                          54,197.00 $                                                    2,86,283.00 1.Sale of common stock for $50000 $                          50,000.00 $                                                        50,000.00 2 Borrwed from bank $29000 $                          29,000.00 3 Purchasing Merchandise $3521 $                          -3,521.00 4 part payment for Purchase of Equipment $33900 $                        -33,900.00 5 Payment of merchanise (pending) $3013 $                          -3,013.00 6 Sale of Merchasie for cash $16350 $                          16,350.00 $   16,350.00 Sale of merchandise for credit$4890 $     4,890.00 Cost of sale of Merchandise $10620 $ -10,620.00 7 Payemtn of rent & insurance in advance $506 $                              -506.00 8 Receipts from credit sales $3104 $                            3,104.00 9 Payment for wages, utilities, and other Misc expenses $5520 $                          -5,520.00 $   -5,520.00 Net income $                                                          5,100.00 Closing balances on jan 31 $                      1,06,191.00 $                                                    3,36,283.00 $     5,100.00

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