Reference no: EM133189096
Question - The following balance sheet is for X Company:
Balance Sheet January 1, 2021
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Assets
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Equities
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Cash
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$88,953
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Accounts Payable
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$243,141
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Accounts Receivable
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13,224
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Wages Payable
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1,195
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Inventory
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152,001
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Notes Payable
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30,800
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Prepaid Rent
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6,340
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Paid-In Capital
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260,081
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Equipment
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339,623
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Retained Earnings
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64,924
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Total Assets
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$600,141
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Total Equities
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$600,141
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The following summary transactions occurred during 2021:
-paid $84,394 to suppliers for merchandise previously purchased on account
-purchased $274,995 of merchandise on account and $161,505 for cash
-sold merchandise for $433,771 on account and $277,329 for cash; the merchandise cost $383,994
-agreed to a four-year rental lease for $8,000 and paid $2,000 in advance
-received $8,505 in cash contributions from new owners
Note: For the questions below, ignore adjusting entries on December 31, 2021.
Required -
1. What were total assets on December 31, 2021?
2. What was total owners' equity on December 31, 2021?
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