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Question: The following balance sheet is for X Company: Balance Sheet January 1, 2015 Assets: Equities: Cash Accounts receivable Inventory Prepaid rent Equipment $54,342 Accounts payable $11,765 Wages payable $1,51,231 Notes payable $6,319 Paid-in capital $3,13,594 Retained earnings $ 2,26,404 $1,302 $ 34,800 $2,06,107 $ 68,638 Total assets $5,37,251 $ 5,37,251 Total equities The following summary transactions occurred during 2015: 1. Borrowed $4,164 from the bank. 2. Paid $80,715 to suppliers for merchandise purchased on account. 3. Paid for $56,400 of advertising. 4. Purchased $256,872 of merchandise on the account and $201,828 for cash. 5. Sold merchandise for $511,555 on the account and $208,945 for cash; the merchandise cost $374,660. 6. Signed a five-year rental lease for $10,000; paid for one year in advance. 7. Paid $5,989 for land and equipment. 8. Received $217,661 from customers for merchandise sold on account. 9. Received $8,160 in cash contributions from new owners. A. What were total liabilities on December 31, 2015? B. What was net income in 2015? n April 26, Kindler Welding Corp. purchased $8,640 worth of welding supplies from a wholesaler that offered terms of 1.75/7, net/30. The discount applies to any amount paid within the discount period. What is the unpaid balance if Kindler paid $6,000 on May 1? (This problem involves the partial payment of an invoice within the discount period.) Round your answer to two decimal places. $unpaid balance

Question: The following balance sheet is for X Company: Balance Sheet January 1, 2015 Assets: Equities: Cash Accounts receivable Inventory Prepaid rent Equipment $54,342 Accounts payable $11,765 Wages payable $1,51,231 Notes payable $6,319 Paid-in capital $3,13,594 Retained earnings $ 2,26,404 $1,302 $ 34,800 $2,06,107 $ 68,638 Total assets $5,37,251 $ 5,37,251 Total equities The following summary transactions occurred during 2015: 1. Borrowed $4,164 from the bank. 2. Paid $80,715 to suppliers for merchandise purchased on account. 3. Paid for $56,400 of advertising. 4. Purchased $256,872 of merchandise on the account and $201,828 for cash. 5. Sold merchandise for $511,555 on the account and $208,945 for cash; the merchandise cost $374,660. 6. Signed a five-year rental lease for $10,000; paid for one year in advance. 7. Paid $5,989 for land and equipment. 8. Received $217,661 from customers for merchandise sold on account. 9. Received $8,160 in cash contributions from new owners. A. What were total liabilities on December 31, 2015? B. What was net income in 2015? n April 26, Kindler Welding Corp. purchased $8,640 worth of welding supplies from a wholesaler that offered terms of 1.75/7, net/30. The discount applies to any amount paid within the discount period. What is the unpaid balance if Kindler paid $6,000 on May 1? (This problem involves the partial payment of an invoice within the discount period.) Round your answer to two decimal places. $unpaid balance

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter13: Financial Statement Analysis
Section: Chapter Questions
Problem 13.10E
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Question: The following balance sheet is for X Company: Balance Sheet January 1, 2015 Assets: Equities: Cash Accounts receivable Inventory Prepaid rent Equipment $54,342 Accounts payable $11,765 Wages payable $1,51,231 Notes payable $6,319 Paid-in capital $3,13,594 Retained earnings $ 2,26,404 $1,302 $ 34,800 $2,06,107 $ 68,638 Total assets $5,37,251 $ 5,37,251 Total equities The following summary transactions occurred during 2015: 1. Borrowed $4,164 from the bank. 2. Paid $80,715 to suppliers for merchandise purchased on account. 3. Paid for $56,400 of advertising. 4. Purchased $256,872 of merchandise on the account and $201,828 for cash. 5. Sold merchandise for $511,555 on the account and $208,945 for cash; the merchandise cost $374,660. 6. Signed a five-year rental lease for $10,000; paid for one year in advance. 7. Paid $5,989 for land and equipment. 8. Received $217,661 from customers for merchandise sold on account. 9. Received $8,160 in cash contributions from new owners. A. What were total liabilities on December 31, 2015? B. What was net income in 2015? n April 26, Kindler Welding Corp. purchased $8,640 worth of welding supplies from a wholesaler that offered terms of 1.75/7, net/30. The discount applies to any amount paid within the discount period. What is the unpaid balance if Kindler paid $6,000 on May 1? (This problem involves the partial payment of an invoice within the discount period.) Round your answer to two decimal places. $unpaid balance
Transcribed Image Text:Question: The following balance sheet is for X Company: Balance Sheet January 1, 2015 Assets: Equities: Cash Accounts receivable Inventory Prepaid rent Equipment $54,342 Accounts payable $11,765 Wages payable $1,51,231 Notes payable $6,319 Paid-in capital $3,13,594 Retained earnings $ 2,26,404 $1,302 $ 34,800 $2,06,107 $ 68,638 Total assets $5,37,251 $ 5,37,251 Total equities The following summary transactions occurred during 2015: 1. Borrowed $4,164 from the bank. 2. Paid $80,715 to suppliers for merchandise purchased on account. 3. Paid for $56,400 of advertising. 4. Purchased $256,872 of merchandise on the account and $201,828 for cash. 5. Sold merchandise for $511,555 on the account and $208,945 for cash; the merchandise cost $374,660. 6. Signed a five-year rental lease for $10,000; paid for one year in advance. 7. Paid $5,989 for land and equipment. 8. Received $217,661 from customers for merchandise sold on account. 9. Received $8,160 in cash contributions from new owners. A. What were total liabilities on December 31, 2015? B. What was net income in 2015? n April 26, Kindler Welding Corp. purchased $8,640 worth of welding supplies from a wholesaler that offered terms of 1.75/7, net/30. The discount applies to any amount paid within the discount period. What is the unpaid balance if Kindler paid $6,000 on May 1? (This problem involves the partial payment of an invoice within the discount period.) Round your answer to two decimal places. $unpaid balance
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