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:

What were total assets on December 31, 2014 (ignore depreciation on the equipment and interest on the loan)?

. received $8,140 in cash contributions from the owners . sold merchandise that cost $8,201 for $11,716, all on account . received $3,278 from customers for merchandise sold on account purchased $8,642 worth of merchandise, all on account paid $3,107 to suppliers for merchandise purchased on account paid $5,066 for land and equipment borrowed cash from the bank in the amount of $4,037

Explanation / Answer

Particulars Increase in total assets Received cash contributions 8140 Purchased Inventory 8642 Increase in assets due to sales on account ( 11716-8201) 3515 Paid to suppliers 3107 Borrowed cash from bank 4037 Total assets 27441

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