50.1K
Verified Solution
Link Copied!
X Company, a merchandiser, had the following transactions in August:
Borrowed $22,000 from a bank.
Bought equipment costing $10,400, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,900 next month.
Paid utility expenses of $5,953.
Purchased a $5,000, five-year insurance policy, paying for three years in advance.
Paid back a previous loan for $3,350.
7. If the balance in the cash account on August 1 was $37,553, what was the cash balance on August 31?
| A: $32,696 | B: $36,947 | C: $41,750 | D: $47,178 | E: $53,311 | F: $60,241 |
| | Answer Submitted: Your final submission will be graded after the due date. | Tries 1/99 | Previous Tries |
8. If total assets on August 1 were $71,893, what were total assets on August 31?
| A: $70,084 | B: $79,195 | C: $89,490 | D: $101,124 | E: $114,270 | F: $129,125 |
Answer & Explanation
Solved by verified expert
