X Company, a merchandiser, had the following transactions in August: 1. Borrowed $28,000 from a...
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X Company, a merchandiser, had the following transactions in August: 1. Borrowed $28,000 from a bank. 2. Bought equipment costing $10, 600, paying the manufacturer $5, 700 in cash and promising to pay the remaining $4, 900 next month. 3. Paid a utility bill for $5, 595. 4. Purchased a $5,000, five-year insurance policy, paying for three years in advance. 5. Received $2, 186 from customers for merchandise that had to be ordered and would be delivered next month. 6. Paid back a previous loan for $3, 200. If the balance in the cash account on August 1 was $39, 642, what was the balance on August 31? $36, 092 $52, 333 $75, 883 $110, 030 $159, 544 $231, 338 If total assets on August 1 were $72, 828, what were total assets on August 31? $79, 295 $99, 119 $123, 899 $154, 873 $193, 592 $241, 990 If total liabilities on August 1 were $30, 900, what were total liabilities on August 31? $40, 183 $50, 229 $62, 786 $78, 482 $98, 103 $122, 629
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