Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. x company, a merchandiser, started business on jun

X Company, a merchandiser, started business on June 1. The following were June transactions: Received...

50.1K

Verified Solution

Question

Accounting

X Company, a merchandiser, started business on June 1. The following were June transactions:

Received $98,000 from a group of investors.

Bought $8,141 of merchandise, $3,199 for cash and $4,942 on account.

Sold merchandise for $21,300, of which $16,568 was for cash and $4,732 was on account; Cost of Goods Sold was 55% of sales.

Paid $3,652 to suppliers for merchandise previously bought on account.

Paid wages of $5,630.

Collected $2,569 from customers on account.

Paid $5,600 for rent in advance.

What were total equities on June 30?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Discuss age-related changes that occur in the remainder of the axial skeleton

Medical Sciences
Q

list the losses in the series and parallel DC motors, and to which they are attributed.

Electrical Engineering
Q

Indicate what happens, in the short run, to the aggregate demand curve (shift right or left),...

Economics
Q

Inflation (a) What is the cosmic epoch of inflation in the early universe? How is this different...

Physics
Q

c The masses of neutron and proton are 1 0087 amu and 1 0073 amu...

Physics
Q

The number of solution of equation 1 tan theta 2 between 0 and 2 pi...

Geometry
Q

The x coordinate of the vertex is 4 Use that value in the equation to...

Basic Math
Q

The accounting treatment for a lawsuit depends on: (choose as correct ones) a. the...

Accounting
Q

On December 31, Pacifica, Inc., acquired 100 percent of the voting stock of Seguros Company....

Accounting
Q

Lopez Company is considering replacing one of its old manufacturing machines. The old machine has...

Accounting
Q

On January 1, 2011, Kidman Enterprises issues bonds that have a $2,000,000 par value, mature...

Accounting
Q

\table[[Overhead Item,Total Fixed Cost,\table[[Variable Rate per Dire],[Labour Hour]]],[Maintenance,$91,000,$0.20

Accounting