Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. s 6 and 7 refer to the following information the f

s 6 and 7 refer to the following information The following balance sheet is for...

50.1K

Verified Solution

Question

Accounting

s 6 and 7 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $94,167 Accounts Payable Accounts Receivable 14,881 Wages Payable Inventory 150,032 Notes Payable Prepaid Rent 6,411 Paid-In Capital 337,236 $602,727 Retained Earnings Total Equities Equipment Total Assets The following summary transactions occurred during 2021: borrowed $4,725 from the bank purchased $298,860 of merchandise on account and $140,640 for cash sold merchandise for $482,732 on account and $227,168 for cash; the merchandise cost $383,346 paid $5,276 for land and equipment received $8,487 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? OA: $100,663 B: $117,776 OC: $137,798 OD: $161,223 OE: $188,631 OF: $220,698 Submit Answer Tries 0/99 7. What was total owners' equity on December 31, 2021? OA: $482,404 OB: $545,116 OC: $615,981 OD: $696,059 OE: $786,547 OF: $888,798 $205,847 1,118 34,744 294,088 66,930 $602,727

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

a trade magazine routinely checks the drive through service times of fast food restaurants. a 95%...

Statistics
Q

Unless otherwise noted, all sets in this module are finite. Prove the following statements... 1. If A...

Advance Math
Q

Read the following case study and answer the questions that follow. Submit your answers to this...

Medical Sciences
Q

1. Add 0.5 mL of 0.10 M NiCl2 solution to each of 7 test tubes using...

Chemistry
Q

How do deep-field images contribute to our understanding of the evolution of the Universe?

Physics
Q

Which of the following would NOT be found in meat Vitamin C O Vitamin B...

Biology
Q

Find an equation of the tangent line at x 0 y x cos x Use...

Calculus
Q

3 a Fill in the table with the exact values and their approximations where necessary...

Calculus
Q

View Policies Current Attempt in Progress Suppose your weight five years ago was 120 pounds...

Algebra
Q

Blossom Wyatt is unable to reconcile the bank balance at January 31. Blossom's reconciliation is...

Accounting
Q

Cumulative dividends a.equal the dividend yield. b.are paid in an efficient market. c.provide liquidity....

Finance
Q

Need answers to 8.6 Ouid ve elianged...

Accounting