Questions 4 and 5 refer to the following information: X Company was created on September...
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Accounting
Questions 4 and 5 refer to the following information: X Company was created on September 1 and prepares monthly financial statements. During September, X Company 1. issued stock to investors for $95,000, 2. borrowed $93,000 from a bank, 3. bought merchandise that it planned to sell, paying $3,783 and promising to pay $4,725 in October, 4. bought equipment, paying $6,000 and promising to pay $4,600 in December, 5. paid $3,721 that it had promised to pay to suppliers for previous purchases on account, 6. sold merchandise, receiving cash of $17,165 and promises to pay from customers of $4,875; the merchandise that was sold had cost $11,020, 7. paid off a loan for $3,630 [ignore interest], 8. received $3,263 from customers who had promised to pay, 9. paid $5,250 for wages, utilties, and other miscellaneous expenses. 4. What were total assets on September 30 [assume no adjusting entries on September 30]? Submit Answer Tries 0/2 5. What was Net Income in September [assume no adjusting entries on September 30]? Submit Answer Tries 0/2
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