BalanceSheet January1, 2015
Assets Equities Cash $50,569 Accounts Payable $247,464 Accounts Receivable 14,760 Wages Payable 1,093 Inventory 154,608 Notes Payable 32,407 Prepaid Rent 6,249 Paid-In Capital 185,055 Equipment 304,993 Retained Earnings 65,160 Total Assets $531,179 Total Equities $531,179
The following summary transactions occurred during 2015:
-borrowed $4,796 from the bank
-paid $81,939 to suppliers for merchandise purchased onaccount
-paid for $54,610 of advertising
-purchased $239,496 of merchandise on account and $230,104 forcash
-sold merchandise for $511,803 on account and $189,297 for cash;the merchandise cost $392,616
-signed a four-year rental lease for $10,000; paid for one yearin advance
-paid $5,809 for land and equipment
-received $223,507 from customers for merchandise sold onaccount
-received $8,150 in cash contributions from new owners
Note: Ignore adjusting entries.
A. What was the cash balance on December 31, 2015?
B. What were total assets on December 31, 2015?
C. What were total liabilities on December 31, 2015?
D. What was net income in 2015?
| BalanceSheet |
| January1, 2015 |
| Assets | Equities | ||
| Cash | $50,569 | Accounts Payable | $247,464 |
| Accounts Receivable | 14,760 | Wages Payable | 1,093 |
| Inventory | 154,608 | Notes Payable | 32,407 |
| Prepaid Rent | 6,249 | Paid-In Capital | 185,055 |
| Equipment | 304,993 | Retained Earnings | 65,160 |
| Total Assets | $531,179 | Total Equities | $531,179 |
The following summary transactions occurred during 2015:
-borrowed $4,796 from the bank
-paid $81,939 to suppliers for merchandise purchased onaccount
-paid for $54,610 of advertising
-purchased $239,496 of merchandise on account and $230,104 forcash
-sold merchandise for $511,803 on account and $189,297 for cash;the merchandise cost $392,616
-signed a four-year rental lease for $10,000; paid for one yearin advance
-paid $5,809 for land and equipment
-received $223,507 from customers for merchandise sold onaccount
-received $8,150 in cash contributions from new owners
Note: Ignore adjusting entries.
A. What was the cash balance on December 31, 2015?
B. What were total assets on December 31, 2015?
C. What were total liabilities on December 31, 2015?
D. What was net income in 2015?
Related questions
The following balance sheet is for X Company:
| BalanceSheet |
| January1, 2015 |
| Assets | Equities | ||
| Cash | $50,429 | Accounts Payable | $245,235 |
| Accounts Receivable | 12,965 | Wages Payable | 1,237 |
| Inventory | 154,704 | Notes Payable | 34,727 |
| Prepaid Rent | 6,484 | Paid-In Capital | 185,446 |
| Equipment | 304,269 | Retained Earnings | 62,206 |
| Total Assets | $528,851 | Total Equities | $528,851 |
The following summary transactions occurred during 2015:
borrowed $4,353 from the bank
paid $82,681 to suppliers for merchandise purchased onaccount
paid for $56,750 of advertising
purchased $223,668 of merchandise on account and $190,532 forcash
sold merchandise for $526,288 on account and $184,912 for cash;the merchandise cost $376,936
signed a five-year rental lease for $10,000; paid for one yearin advance
paid $5,887 for land and equipment
received $203,089 from customers for merchandise sold onaccount
received $8,202 in cash contributions from new owners
1. What was the cash balance on December 31, 2015?
2. What were total assets on December 31, 2015?
3. What were total liabilities on December 31, 2015?
4. What was net income in 2015?
The following balance sheet is for X Company:
| BalanceSheet |
| January1, 2015 |
| Assets | Equities | ||
| Cash | $54,342 | Accounts Payable | $226,404 |
| Accounts Receivable | 11,765 | Wages Payable | 1,302 |
| Inventory | 151,231 | Notes Payable | 34,800 |
| Prepaid Rent | 6,319 | Paid-In Capital | 206,107 |
| Equipment | 313,594 | Retained Earnings | 68,638 |
| Total Assets | $537,251 | Total Equities | $537,251 |
The following summary transactions occurred during 2015:
-borrowed $4,164 from the bank
-paid $80,715 to suppliers for merchandise purchased onaccount
-paid for $56,400 of advertising
-purchased $256,872 of merchandise on account and $201,828 forcash
-sold merchandise for $511,555 on account and $208,945 for cash;the merchandise cost $374,660
-signed a five-year rental lease for $10,000; paid for one yearin advance
-paid $5,989 for land and equipment
-received $217,661 from customers for merchandise sold onaccount
-received $8,160 in cash contributions from new owners
Note: Ignore adjusting entries
What were total liabilities on December 31,2015?
What was net income in 2015?
The following balance sheet is for X Company:
| BalanceSheet |
| January1, 2015 |
| Assets | Equities | ||
| Cash | $54,342 | Accounts Payable | $226,404 |
| Accounts Receivable | 11,765 | Wages Payable | 1,302 |
| Inventory | 151,231 | Notes Payable | 34,800 |
| Prepaid Rent | 6,319 | Paid-In Capital | 206,107 |
| Equipment | 313,594 | Retained Earnings | 68,638 |
| Total Assets | $537,251 | Total Equities | $537,251 |
The following summary transactions occurred during 2015:
borrowed $4,164 from the bank
paid $80,715 to suppliers for merchandise purchased onaccount
paid for $56,400 of advertising
purchased $256,872 of merchandise on account and $201,828 forcash
sold merchandise for $511,555 on account and $208,945 for cash;the merchandise cost $374,660
signed a five-year rental lease for $10,000; paid for one yearin advance (Does this mean two years rent notone?)
paid $5,989 for land and equipment
received $217,661 from customers for merchandise sold onaccount
received $8,160 in cash contributions from new owners
Note: Ignore adjusting entries.
1) What was the cash balance on December 31, 2015? (IncorrectAnswers: 138012, 148280)
2) What were total assets on December 31, 2015? (IncorrectAnswers: 1004844)
