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 $8,897 in cash contributions from the owners

- purchased $8,631 worth of merchandise, all on account

- sold merchandise that cost $8,485 for $12,122, all on account

- paid $3,919 to suppliers for merchandise purchased on account

- received $3,821 from customers for merchandise sold on account

- paid $5,223 for land and equipment

- borrowed cash from the bank in the amount of $4,450

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

Explanation / Answer

Total assets in $ Cash ($8897-$3919+$3821-$5223+4450) 8026 Inventory(8631-8485) 146 Accounts Receivable($12122-$3821) 8301 Land & Equipment 5223 Total Assets on December 31,2014 $21696

Related Questions

Navigate

• Browse (All)
• Browse X
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.