5. What were total liabilities on December 31, 2021? The following balance sheet is for X Company:Balance SheetJanuary 1, 2021AssetsEquitiesCash$86,636Accounts Payable$230,564Accounts Receivable13,727Wages Payable1,477Inventory154,576Notes Payable32,634Prepaid Rent5,790Paid-In Capital243,895Equipment311,217Retained Earnings63,376Total Assets$571,946Total Equities$571,946The following summary transactions occurred during 2021:• borrowed $4,921 from the bankpaid $24,120 for advertising• sold merchandise for $470,600 on account and $253,400 for cash; the merchandise cost $398,200• paid $5,776 for land and equipment• received ś8,431 in cash contributions from new ownersNote: For the questions below, ignore adjusting entries on December 31, 2021.4. What was the cash balance on December 31, 2021?

Total liabilities: Total liabilities section in the balance sheet consists of the amount that the…

Answered: Assets Cash Accounts Receivable…

Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets ary transactions occurred during 2021: 921 from the bank for advertising Hise for S470. 600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

5. What were total liabilities on December 31, 2021?

The following balance sheet is for X Company:
Balance Sheet
January 1, 2021
Assets
Equities
Cash
$86,636
Accounts Payable
$230,564
Accounts Receivable
13,727
Wages Payable
1,477
Inventory
154,576
Notes Payable
32,634
Prepaid Rent
5,790
Paid-In Capital
243,895
Equipment
311,217
Retained Earnings
63,376
Total Assets
$571,946
Total Equities
$571,946
The following summary transactions occurred during 2021:
• borrowed $4,921 from the bank
paid $24,120 for advertising
• sold merchandise for $470,600 on account and $253,400 for cash; the merchandise cost $398,200
• paid $5,776 for land and equipment
• received ś8,431 in cash contributions from new owners
Note: For the questions below, ignore adjusting entries on December 31, 2021.
4. What was the cash balance on December 31, 2021?

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