X Company, a manufacturer, prepares monthly financial statements. On January 1, total assets were $114,050....
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X Company, a manufacturer, prepares monthly financial statements. On January 1, total assets were $114,050. The following transactions occurred during January: . Issued additional shares of stock for $106,000. Acquired $8,300 of direct materials, $3,652 of it paid for with cash, the rest bought on open account. A one year rental agreement was signed for $6,600 per month. Rent for the first two months was paid in advance. Product sales were $109,000, $23,262 of which were on account; the rest were cash sales. Product costs were $65,400. Paid wages and salaries of $11,618. Paid $23,165 to suppliers for materials that X Company had previously purchased on account. Collected $23,262 from customers who had previously purchased products from X Company on account. . What would total assets be on January 31? [Ignore adjusting entries.] 256804 Submit Answer Incorrect. Tries 1/3 Previous Tries
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