X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: &nbsp

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Question

X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: &nbsp

X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet:

Balance Sheet

July 1

Assets		Equities
Cash	$37,084	Accounts Payable	$5,134
Accounts Receivable	5,052	Notes Payable	24,739
Inventory	14,864
Prepayments	3,228	Paid-In Capital	56,047
Equipment	64,705	Retained Earnings	39,013
Total Assets	$124,933	Total Equities	$124,933

The following were the company's July transactions:

borrowed $20,000 from a bank
bought equipment costing $9,400, paying the manufacturer $5,100 in cash and signing a note for $4,300
purchased a $5,000, five-year insurance policy, paying for three years in advance
paid back a previous loan for $3,540

6. What was the balance in the Cash account on July 31 [ignore adjusting entries]?

7. What were total assets on July 31 [ignore adjusting entries]?

business accounting

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Answer 1

Answer #1

ans 6
beginning balance	37084
add borrowed	20000
less equipment purchased	-5100
less; prepaid insurance	-5000
less; loan paid	-3540
ending cash balance	43444

ans 7
beginning bal of total assets	124933
add increase in loan	20000
add net effect of equipment 9400-5100	4300
add' prepaid insurance no effect	0
less; loan repaid	-3540
ending bal of total assets	145693

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Answer 2

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