X Company was formed on July 1, 2014, and had the following transactions during

Question

X Company was formed on July 1, 2014, and had the following transactions during the rest of 2014: received $8,077 in cash contributions from the owners purchased $8,840 worth of merchandise, all on account sold merchandise that cost $8,709 for $12,442, all on account paid $3,857 to suppliers for merchandise purchased on account received $3,444 from customers for merchandise sold on account paid $5,495 for land and equipment borrowed cash from the bank in the amount of $4,573 What were total assets on December 31, 2014 (ignore depreciation on the equipment and interest on the loan)?

Explanation / Answer

X Company was formed on July 1, 2014, and had the following transactions during

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