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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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