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Company was created on September 1 and prepares monthly financial statements. During September, X Company issued stock to investors for $93,000, borrowed $97,000 from a bank, bought merchandise that it planned to sell, paying $3,936 and promising to pay $4,850 in October, bought equipment, paying $5,200 and promising to pay $4,100 in December, paid $3,288 that it had promised to pay to suppliers for previous purchases on account, sold merchandise, receiving cash of $16,071 and promises to pay from customers of $4,269; the merchandise that was sold had cost $10,170, paid off a loan for $3,510 [ignore interest], received $2,697 from customers who had promised to pay, paid $5,510 for wages, utilties, and other miscellaneous expenses.

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Questions 4 and 5 refer to the following information: X Company was created on September 1 and prepares monthly financial statements. During September, X Company 1. issued stock to investors for $93,000, 2. borrowed $97,000 from a bank, 3. bought merchandise that it planned to sell, paying $3,936 and promising to pay $4,850 in October, 4. bought equipment, paying $5,200 and promising to pay $4,100 in December, 5. paid $3,288 that it had promised to pay to suppliers for previous purchases on account, 6. sold merchandise, receiving cash of $16,071 and promises to pay from customers of $4,269; the merchandise that was sold had cost $10,170, 7. paid off a loan for $3,510 [ignore interest] 8. received $2,697 from customers who had promised to pay, 9. paid $5,510 for wages, utilties, and other miscellaneous expenses. 4. What were total assets on September 30 [assume no adjusting entries on September 30]? Submit Answer Tries 0/2 5. What was Net Income in September [assume no adjusting entries on September 30]? Submit Answer Tries 0/2

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