Company was created on September 1 and prepares monthly financial statements. Du

Question

Company was created on September 1 and prepares monthly financial statements. During September, the company had the following transactions: Received dollar91,000 from a group of investors and received a dollar96,000 loan from the bank. Bought dollar8,927 of merchandise, dollar3,006 for cash and dollar5,921 on account. Bought equipment costing dollar 10,800, paying the manufacturer dollar5,800 in cash and promising to pay the remaining dollar 5,000 next month. Sold merchandise for dollar21,560, of which dollar17,204 was for cash and dollar4,356 was on account; cost of the merchandise was dollar10,780. Paid dollar3,121 to suppliers for merchandise previously bought on account. Collected dollar 2,754 from customers on account. Paid wages of dollar 5,980. Paid a total of dollar 514 for rent and insurance in advance. Recorded depreciation of dollar 1,950. Recorded a total of dollar 119 for rent and insurance that had expired. What were total equities on September 30? dollar 197,531 You are correct. Your receipt no. is 150-7835 Previous Tries What was Net Income in September?

Explanation / Answer

Sales 21560 Purchases 8927 Equipment 10800 Wages 5980 Depreciation 1950 Rent and insurance 119 Net Income -6216

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