Balance Sheet January 1, 2015
Assets Equities
Cash $54,618 Accounts Payable $206,988 Accounts Receivable11,121 Wages Payable 1,205 Inventory 154,988 Notes Payable 32,172Prepaid Rent 5,269 Paid-In Capital 266,249 Equipment 346,730Retained Earnings 66,112
Total Assets $572,726 Total Equities $572,726
The following summary transactions occurred during 2015:
â¢borrowed $4,990 from the bank
â¢paid $81,324 to suppliers for merchandise purchased onaccount
â¢paid for $56,310 of advertising
â¢purchased $268,096 of merchandise on account and $186,304 forcash
â¢sold merchandise for $525,016 on account and $194,184 for cash;the merchandise cost $417,136
â¢signed a five-year rental lease for $8,000; paid for one yearin advance
â¢paid $5,202 for land and equipment
â¢received $221,051 from customers for merchandise sold onaccount
â¢received $8,381 in cash contributions from new owners Note:Ignore adjusting entries.
3. What was the cash balance on December 31, 2015?
Balance Sheet January 1, 2015
Assets Equities
Cash $54,618 Accounts Payable $206,988 Accounts Receivable11,121 Wages Payable 1,205 Inventory 154,988 Notes Payable 32,172Prepaid Rent 5,269 Paid-In Capital 266,249 Equipment 346,730Retained Earnings 66,112
Total Assets $572,726 Total Equities $572,726
The following summary transactions occurred during 2015:
â¢borrowed $4,990 from the bank
â¢paid $81,324 to suppliers for merchandise purchased onaccount
â¢paid for $56,310 of advertising
â¢purchased $268,096 of merchandise on account and $186,304 forcash
â¢sold merchandise for $525,016 on account and $194,184 for cash;the merchandise cost $417,136
â¢signed a five-year rental lease for $8,000; paid for one yearin advance
â¢paid $5,202 for land and equipment
â¢received $221,051 from customers for merchandise sold onaccount
â¢received $8,381 in cash contributions from new owners Note:Ignore adjusting entries.
3. What was the cash balance on December 31, 2015?