X Company, a merchandiser, had the following transactions in August: 1. Borrowed $24,000 from a...
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X Company, a merchandiser, had the following transactions in August: 1. Borrowed $24,000 from a bank. 2. Bought equipment costing $10,200, paying the manufacturer $5,500 in cash and promising to p the remaining $4,700 next month. 3. Paid utility expenses of $5,551. 4. Purchased a $6,000, five-year insurance policy, paying for three years in advance. 5. Paid back a previous loan for $3,600. 7. If total liabilities on August 1 were $32,090, what were total liabilities on August 31 ? A: $36,602 B: $45,752 C: $57,190 Tries 0/99 8. If total equities on August 1 were $70,157, what were total equities on August 31 ? B: $36,744 C: $45,929 D: $57,412 E: $71,765
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