Question

Questions 4, 5, nnd G refer to tlhe followng alanee heet and and prepares monthly finsancial >X Compuy is a merchandiser tatts. The allowing is its balance slheet at the beginning of July: Balance Sheet July 1 Assets Cash Accounts Reccivalile luventury Prepald Rent Equipnt Tutal Asets Equltles 53,177 Arrounts ayntle 31,23 Notes l'ayable 9,005 5,52 Paid-In Capital $51,020 31,142 230,283 6,574 $394,037 221,108 Retnined Earnings S4,037 Ttal Equities The followingranisactions occurred during July 1. Sold stock to inwestors for S42,000. 2. Burrowel $30,000 from a bauk and paid off a $15,000 bank loan 3 Bought S8,118 of merchandise from suppliers, paying $3,000 and promising to pay the rest in August. Bouglt equipment for $30,500 frun a ufucturer, paying $4,100 and promising to pay the rest in September. 5. Pnid $3,153 to suppliers that it bouglht merchandise from in June. 6. Sold merchandibe, receiviug $15,800 cush uud proanises from customers to pay $4,504, the merchandise that as sole eost $10,200 and was parchased enrlier in July. 7. Paid $580 for rent in advance. 8. Reccived S3,370 from eustomers who purdnsed merchandise last month. 9. Paid wages and other uiscellatieous expenses totaling $5,680. Note: Ignore adjusting entrirs. 8pl. What ws the cneli balance ou July 317 4, AO $15,963 nO ss7,329 cO ST1,0 GI Ο$111,970 FO $139,962 DO $89,576 p. What were total equitics on July 317 . AO s301,730 BO S30, CO 385,278 FO 55,917 DO s135,365 EO 491962 pt. What was Net Incone in July? G" AO s2,T72 DO s3,133 со $3.510 ross,108 EO $1,020 DO $1,000

Answer 1

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Calculation of Cash Balance			Calculation of Net Income			Calculation of Accounts Payable
Opening Balance	53,177.00		Sales (15896+4504)	20,400.00		Opening Balance	54,029.00
Stock Sold	42,000.00		Cost of merchandise sold	(10,200.00)		Merchandise purchased (8118-3960)	4,158.00
Borrowed fro bank	30,000.00		Wages	(5,680.00)		Equipment purchased (39500-4100)	35,400.00
Paid of loan	(15,000.00)		Net Income	4,520.00		Payment to suppliers	(3,153.00)
Part payment for merchandise	(3,960.00)		Answer is Option E.			Closing Balance	90,434.00	A
Part payment for equipment	(4,100.00)
Payment to suppliers	(3,153.00)					Calculation of Notes Payable
Merchandise sold	15,896.00					Opening Balance	34,149.00
Rent Paid	(580.00)					Borrowed fro bank	30,000.00
Received from customers	3,370.00					Paid of loan	(15,000.00)
Paid Wages	(5,680.00)					Closing Balance	49,149.00	B
Closing Balance	111,970.00
Answer is Option E.						Calculation of Paid in capital
						Opening Balance	239,285.00
						Stock Sold	42,000.00
						Closing Balance	281,285.00	C
						Calculation of Retained Earnings
						Opening Balance	66,574.00
						Net Income	4,520.00
						Closing Balance	71,094.00	D
						Total Equities	491,962.00	E=A+B+C+D
						Answer is Option E.