CH 2-In Class Exercises(1)

Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title   Debits   Credits Cash $ 31,000         Accounts receivable   152,000         Raw materials   35,000         Notes receivable   111,000         Interest receivable   14,000         Interest payable       $ 16,000   Investment in debt securities   43,000         Land   61,000         Buildings   1,520,000         Accumulated depreciation—buildings         631,000   Work in process   53,000         Finished goods   100,000         Equipment   322,000         Accumulated depreciation—equipment         141,000   Patent (net)   131,000         Prepaid rent (for the next two years)   71,000         Deferred revenue         47,000   Accounts payable         191,000   Notes payable         510,000   Restricted cash (for payment of notes payable)   91,000         Allowance for uncollectible accounts         24,000   Sales…

Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2024. Account Title Debits Credits Cash $ 38,000   Accounts receivable 166,000   Raw materials 42,000   Notes receivable 118,000   Interest receivable 21,000   Interest payable   $ 23,000 Investment in debt securities 50,000   Land 68,000   Buildings 1,660,000   Accumulated depreciation—buildings   638,000 Work in process 60,000   Finished goods 107,000   Equipment 336,000   Accumulated depreciation—equipment   148,000 Patent (net) 138,000   Prepaid rent (for the next two years) 78,000   Deferred revenue   54,000 Accounts payable   198,000 Notes payable   580,000 Restricted cash (for payment of notes payable) 98,000   Allowance for uncollectible accounts   31,000 Sales revenue   1,160,000 Cost of goods sold 468,000   Rent expense 46,000   Additional Information: The notes receivable, along with any interest receivable, are…

The Butler-Huron Company’s balance sheet and income statement for last year are as follows:Balance Sheet (in Millions of Dollars)                Assets                                                                  Liabilities and Equity                    Cash and marketable securities           $142        Accounts payable***         $808Accounts receivable*                              941        Accrued liabilities    Inventories**                                         1,607        (salaries and benefits)        508Other current assets                                  35         Other current liabilities       534Total current assets                             $2,725        Total current liabilities    $1,850Plant and equipment (net)                     3,029         Long-term debt and other    Other assets                                          5,796                      liabilities              2,228Total assets                                          $5,796…

On January 1, 2021, the general ledger of Tripley Company included the following account balances: Accounts Debit   Credit   Cash $ 94,000         Accounts receivable   44,000         Allowance for uncollectible accounts       $ 9,400   Inventory   30,400         Building   90,400         Accumulated depreciation         14,000   Land   208,000         Accounts payable         40,000   Notes payable (8%, due in 3 years)         60,000   Common stock         104,000   Retained earnings         239,400   Totals $ 466,800   $ 466,800 The $30,400 beginning balance of inventory consists of 304 units, each costing $100. During January 2021, the company had the following transactions: January   2   Lent $24,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,700 units of inventory on account for $407,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.     15   Sold…

Consider the following financial data for Terry Enterprises:     Balance Sheet as of December 31, 2018               Cash $ 86,000   Accounts payable $ 15,500 Accts. receivable   91,500   Notes payable   93,500 Inventories   65,500   Accruals   19,500   Total current assets $ 243,000     Total current liabilities $ 128,500         Long-term debt   162,500 Net plant & equip.   419,500   Common equity   371,500 Total assets $ 662,500   Total liab. & equity $ 662,500               Statement of Earnings for 2018   Industry Average Ratios               Net sales $ 642,500   Current ratio 2.2× Cost of goods sold   482,000   Quick ratio 1.7× Gross profit $ 160,500   Days sales outstanding 44 days Operating expenses   119,500   Inventory turnover 6.7×   EBIT $ 41,000   Total asset turnover 0.6× Interest expense   14,500   Net profit margin 7.2%   Pre-tax earnings $ 26,500…

The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets:       Cash $445,700   $352,000     Marketable securities 516,100   396,000     Accounts and notes receivable (net) 211,200   132,000     Inventories 370,300   241,600     Prepaid expenses 190,700   154,400       Total current assets $1,734,000   $1,276,000   Current liabilities:       Accounts and notes payable (short-term) $295,800   $308,000     Accrued liabilities 214,200   132,000       Total current liabilities $510,000   $440,000   a.  Determine for each year the quick ratio. Round ratios to one decimal place.

On January 1, 2024, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 274,000   Accounts receivable 74,000   Allowance for uncollectible accounts   $ 37,400 Inventory 33,400   Building 243,400   Accumulated depreciation   44,000 Land 248,600   Accounts payable   190,000 Notes payable (8%, due in 3 years)   240,000 Common stock   119,600 Retained earnings   242,400 Totals $ 873,400 $ 873,400 The $33,400 beginning balance of inventory consists of 334 units, each costing $100. During January 2024, the company had the following transactions: January 2 Lent $54,000 to an employee by accepting a 6% note due in six months. January 5 Purchased 5,200 units of inventory on account for $572,000 ($110 each) with terms 110/110 , n30/�30 . January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 5,000 units of inventory on account for $820,000 ($164 each) with terms…

The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years:   Current Year   Previous Year Current assets:             Cash $513,000     $416,000     Marketable securities 594,000     468,000     Accounts and notes receivable (net) 243,000     156,000     Inventories 1,485,000     1,030,900     Prepaid expenses 765,000     659,100       Total current assets $3,600,000     $2,730,000   Current liabilities:             Accounts and notes payable           (short-term) $435,000     $455,000     Accrued liabilities 315,000     195,000       Total current liabilities $750,000     $650,000     a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.       Current Year     Previous Year 1.  Working capital $fill in the blank 1 $fill in the blank 2 2.  Current ratio fill in the blank 3 fill in the blank 4 3.  Quick ratio fill…

On January 1, 2021, the general ledger of Tripley Company included the following account balances:   Accounts Debit   Credit   Cash $ 70,000         Accounts receivable   40,000         Allowance for uncollectible accounts       $ 5,000   Inventory   30,000         Building   70,000         Accumulated depreciation         10,000   Land   200,000         Accounts payable         20,000   Notes payable (8%, due in 3 years)         36,000   Common stock         100,000   Retained earnings         239,000   Totals $ 410,000   $ 410,000       The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions:   January   2   Lent $20,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.…

On January 1, 2021, the general ledger of Tripley Company included the following account balances:   Accounts Debit   Credit   Cash $ 70,000         Accounts receivable   40,000         Allowance for uncollectible accounts       $ 5,000   Inventory   30,000         Building   70,000         Accumulated depreciation         10,000   Land   200,000         Accounts payable         20,000   Notes payable (8%, due in 3 years)         36,000   Common stock         100,000   Retained earnings         239,000   Totals $ 410,000   $ 410,000       The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During January 2021, the company had the following transactions:   January   2   Lent $20,000 to an employee by accepting a 6% note due in six months.     5   Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.     8   Returned 100 defective units of inventory purchased on January 5.…

The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $418,000 $345,600 Marketable securities 484,000 388,800 Accounts and notes receivable (net) 198,000 129,600 Inventories 290,400 87,800 Prepaid expenses 149,600 56,200 Total current assets $1,540,000 $1,008,000 Current liabilities: Accounts and notes payable (short-term) $319,000 $336,000 Accrued liabilities 231,000 144,000 Total current liabilities $550,000 $480,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an in current assets relative to current liabilities.

Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000

The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets:       Cash $417,200   $318,000     Marketable securities 483,100   357,800     Accounts and notes receivable (net) 197,700   119,200     Inventories 1,167,500   905,200     Prepaid expenses 601,500   578,800       Total current assets $2,867,000   $2,279,000   Current liabilities:       Accounts and notes payable (short-term) $353,800   $371,000     Accrued liabilities 256,200   159,000       Total current liabilities $610,000   $530,000   a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Line Item Description Current Year Previous Year 1.  Working capital ? ? 2.  Current ratio ? ? 3.  Quick ratio ? ?  from the preceding year to the current year. The working capital, current ratio, and quick…

Consider the following financial data for Nguyen Industries:     Statement of Financial Position as of December 31, 2018               Cash $ 232,500   Accounts payable $ 86,500 Accts. receivable   357,500   Short-term bank note   254,000 Inventories   150,500   Accrued wages & taxes   80,000   Total current assets $ 740,500     Total current liabilities $ 420,500         Long-term debt   566,000 Net fixed assets   774,500   Common equity   528,500 Total assets $ 1,515,000   Total liab. & equity $ 1,515,000               Profit & Loss Statement for 2018   Industry Average Ratios               Net sales $ 1,894,000   Current ratio 1.4× Cost of goods sold   1,382,500   Quick ratio 1.0× Gross profit $ 511,500   Days sales outstanding 63 days Operating expenses   373,000   Inventory turnover 9.5×   EBIT $ 138,500   Total asset turnover 1.5× Interest expense   64,000   Net…

Cold Duck Manufacturing Inc. has the following end-of-year balance sheet: Cold Duck Manufacturing Inc. Balance Sheet For the Year Ended on December 31 Assets   Liabilities   Current Assets:   Current Liabilities:   Cash and equivalents $150,000 Accounts payable $250,000 Accounts receivable 400,000 Accrued liabilities 150,000 Inventories 350,000 Notes payable 100,000 Total Current Assets $900,000 Total Current Liabilities $500,000 Net Fixed Assets:   Long-Term Bonds 1,000,000 Net plant and equipment(cost minus depreciation) $2,100,000 Total Debt $1,500,000     Common Equity       Common stock 800,000     Retained earnings 700,000     Total Common Equity $1,500,000 Total Assets $3,000,000 Total Liabilities and Equity $3,000,000   The firm is currently in the process of forecasting sales, asset requirements, and required funding for the coming year. In the year that just ended, Cold Duck Manufacturing Inc. generated $450,000 net income on sales of…

which one is correct please confirm? The Hudson River Line Company has a balance sheet as of the end of the year as follows:  Cash $    5,000 Accounts Payable $  15,000 Accounts Receivable 20,000 Notes Payable   10,000 Inventories  40,000 Total Current Liab. 25,000 Total Current Assets $  65,000 Long-term Debt 30,000 Fixed Assets, net   50,000 Stockholder’s Equity  60,000 Total Assets $115,000 Total Liabilities & Equity $115,000 Last year, the firm had sales of $148,750. This year the company expects sales to increase 25%, to generate earnings after tax of $16,000, and to pay a dividend of $5,000. Hudson operated its fixed assets at 85% capacity last year. What additional financing will be needed to support the sales increase?   a. $4,625   b. $2,125   c. $1,500   d. $375 surplus -- no financing needed.

The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years:   Current Year   Previous Year Current assets:             Cash $414,000     $320,000     Marketable securities 496,800     336,000     Accounts and notes receivable (net) 619,200     464,000     Inventories 351,900     272,000     Prepaid expenses 188,100     208,000     Total current assets $2,070,000     $1,600,000   Current liabilities:             Accounts and notes payable (short-term) $675,000     $600,000     Accrued liabilities 225,000     200,000     Total current liabilities $900,000     $800,000   a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.       Current Year       Previous Year 1.  Working capital $ $ 2.  Current ratio     3.  Quick ratio     b.  The liquidity of Nilo has   from the preceding year to the current year. The working…

The Butler-Huron Company's balance sheet and income statement for last year are as follows: Balance Sheet (in Millions of Dollars) Assets Cash and marketable securities Accounts receivable* Inventories** Other current assets Total current assets Plant and equipment (net) Other assets Total assets $82 820 1,507 22 $2,431 3,967 6,460 $6,460 Liabilities and Equity Accounts payable****** Accrued liabilities (salaries and benefits) Other current liabilities Total current liabilities Long-term debt and other liabilities Earnings before taxes Taxes Earnings after taxes (net income) Common stock Retained earnings Net sales Cost of sales Selling, general, and administrative expenses Other expenses Total expenses Total stockholders' equity Total liabilities and equity **Assume that average inventory over the year was the same as ending inventory. ***Assume that average accounts payable are the same as ending accounts payable. Income Statement (in Millions of Dollars) *Assume that all sales are…

The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years:   Current Year   Previous Year Current assets:             Cash $372,400     $285,500     Marketable securities 425,900     326,400     Accounts and notes receivable (net) 531,700     408,100     Inventories 343,200     210,600     Prepaid expenses 146,800     89,400     Total current assets $1,820,000     $1,320,000   Current liabilities:             Accounts and notes payable (short-term) $404,000     $352,000     Accrued liabilities 296,000     248,000     Total current liabilities $700,000     $600,000   a.  Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place.       Current Year       Previous Year 1.  Working capital $fill in the blank 1 $fill in the blank 2 2.  Current ratio fill in the blank 3 fill in the blank 4 3.  Quick ratio fill in the blank 5 fill…

The following are taken from the financial statements of Curry Company as of December 2021. Assets: Cash 341,600 Account Receivable 200,000 Inventory 308,400 Property, Plant, Equipment 500,000 Liabilities: Notes payable 280,000 Accounts Payable 781,700 Bonds payable 2,000,000 6. What is the company's current ratio? a. 0.80 b. 0.51 c. 0.21 d. 3.03 7. What is the company's quick ratio? a. 0.51 b. 0.80 c. 1.93 d. 0.32

Mayfield Corporation has provided the following financial data:   Balance Sheet Assets   Current assets:       Cash $ 228,000   Accounts receivable, net   241,000   Inventory   204,000   Prepaid expenses   11,000   Total current assets   684,000   Plant and equipment, net   670,000   Total assets $ 1,354,000       Liabilities and Stockholders' Equity   Current liabilities:       Accounts payable $ 162,000   Accrued liabilities   53,000   Notes payable, short term   46,000   Total current liabilities   261,000   Bonds payable   102,000   Total liabilities   363,000   Stockholders' equity:       Common stock, $4 par value   362,000   Additional paid-in capital   81,000   Retained earnings   548,000   Total stockholders' equity   991,000   Total liabilities & stockholders' equity $ 1,354,000       The company’s acid-test (quick) ratio is closest to:

The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2025 and December 31, 2025: Accounts payable Accounts receivable Common stock Inventory January $ 42,000 $ 25,000 Sales revenue Cost of goods sold Salaries expense Net income $110,000 $ 25,000 $ 60,000 Land Notes payable Retained earnings Salaries payable Buckeye Company's 2025 income statement is given below: December 31 $ 36,000 $ 17,000 $180,000 $ 28,000 $ 73,000 $ 83,000 $ 30,000 $ 19,000 $420,000 $269,000 $ 93,000 $ 58,000 $122,000 $ 46,000 $ 13,000 Calculate the net cash flow from financing activities for 2025. If your answer is negative, place a minus sign in front of your answer with no spaces in between (e.g., -1234).

The balance sheet and income statement for J. P. RObard Manufatcuring Company are as follows: Item Cash J.P. Robard Manufacturing Company Balance Sheet as at 31 December 2021 ($ in thousands) 500 Account receivable Inventory Total current assets Net fixed assets Total assets Accounts payable Accrued expenses Short-term notes payable Total curernt liabilities Long-term debt Total common equity Total liabilities and equity 2,000 1,000 3,500 4,500 8,000 1,100 600 300 2,000 2,000 4.000 8,000

Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION     Balance Sheet       Dec. 31, Year 7 Dec. 31, Year 6 Current Assets     Cash and cash equivalents $576,843 $305,088 Marketable securities 166,106 187,064 Accounts receivable (net) 258,387 289,100 Inventories 424,493 391,135 Prepaid expenses 55,369 25,509 Other current assets 83,053 85,029 Total Current Assets 1,564,251 1,282,925 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,516,471 $2,333,346 Current Liabilities     Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 254,111 286,257 Accrued liabilities 273,658 166,983 Income taxes payable 97,735 178,911 Total Current Liabilities 1,086,880 970,570 Long-term debt 500,000 300,000 Deferred income taxes 215,017 262,404 Total Liabilities 1,801,897 1,532,974 Common stock $425,250…

Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION     Balance Sheet       Dec. 31, Year 7 Dec. 31, Year 6 Current Assets     Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities     Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250…

Green Moose Company has the following end-of-year balance sheet: Green Moose Company Balance Sheet For the Year Ended on December 31 Assets   Liabilities   Current Assets:   Current Liabilities:   Cash and equivalents $150,000 Accounts payable $250,000 Accounts receivable 400,000 Accrued liabilities 150,000 Inventories 350,000 Notes payable 100,000 Total Current Assets $900,000 Total Current Liabilities $500,000 Net Fixed Assets:   Long-Term Bonds 1,000,000 Net plant and equipment $2,100,000 Total Debt $1,500,000 (cost minus depreciation)           Common Equity       Common stock 800,000     Retained earnings 700,000     Total Common Equity $1,500,000 Total Assets $3,000,000 Total Liabilities and Equity $3,000,000   The firm is currently in the process of forecasting sales, asset requirements, and required funding for the coming year. In the year that just ended, Green Moose Company generated $350,000 net income on sales of $13,000,000. The firm…

The Hudson River Line Company has a balance sheet as of the end of the year as follows:  Cash $    5,000 Accounts Payable $  15,000 Accounts Receivable 20,000 Notes Payable   10,000 Inventories  40,000 Total Current Liab. 25,000 Total Current Assets $  65,000 Long-term Debt 30,000 Fixed Assets, net   50,000 Stockholder’s Equity  60,000 Total Assets $115,000 Total Liabilities & Equity $115,000 Last year, the firm had sales of $148,750. This year the company expects sales to increase 25%, to generate earnings after tax of $16,000, and to pay a dividend of $5,000. Hudson operated its fixed assets at 85% capacity last year. What additional financing will be needed to support the sales increase?

Directions. Read and analyse the given data. Answer the questions below on a separate sheet of paper. The January 31. 202x Statement of Financial Position of Shelpat Corporation follows: Cash 8,000 Accounts receivable (net of allowance for uncollectible Accounts of P2,000) 38,000 16,000 Inventory Property, plant and equipment (net of allowance for Accumulated depreciation of P60,000) 40 000 P. 102,000 Total Assets Additional information: • Sales are budgeted as follows: February P110,000 120 000 March • Collections are expected to be 60% in the month of sale. 38% the next month and 2 % uncollectible. • The gross margin is 25% of sales. Purchases each month are 75% of the next month's projected sales. The purchases are paid in full the following month. • Other expenses for each month, paid in cash, are expected to be P16,500. Depreciation each month is P5,000. 1. What are the budgeted cash collections for February 202x? P101,800 P104,000 P63,800 P66,000 a. с. b. d. 2. What is the…

The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year Current asséts: Cash $391,000 $300,000 Marketable securities 515,000 354,000 Accounts and notes receivable (net) 634,000 426,000 Inventories 368,000 222,000 Prepaid expenses 182,000 138,000 Total current assets $2,090,000 $1,440,000 Current liabilities: Accounts and notes payable (short-term) $725,000 $600,000 Accrued liabilities 275,000 300,000 Total current liabilities $1,000,000 $900,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working Capital 2$ 1,090,000 $4 540,000 V 2. Current ratio 2.09 1.60 3. Quick ratio 1.54 1.20

The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:          Cash and cash equivalents $ 6,400   Accounts receivable (net)   34,000   Inventory   74,000   Property, plant, and equipment (net)   190,000   Accounts payable   53,000   Salaries payable   14,000   Paid-in capital   170,000     The only asset not listed is short-term investments. The only liabilities not listed are $44,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.8:1. Required:Determine the following at December 31, 2021: Total Current Asset? Short Term Investment? Retained Earnings?

The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Debits Credits Cash 30,000 15,000 20,000 Accounts receivable Equipment Accumulated depreciation Salaries payable 6,000 9,000 40,500 9,500 Common stock Retained earnings Total 65,000 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $24,000. f. Purchased equipment for $15,000 in cash. g. Paid $2,500 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $1,000. 2. Depreciation for the year on the equipment is $2,00o. Required: 2., 5, & 8. Prepare the…

The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $94,017 Accounts Payable $220,885 Accounts Receivable 11,357 Wages Payable 1,125 Inventory 159,109 Notes Payable 34,625 Prepaid Rent 6,038 Paid-In Capital 274,069 Equipment 326,099 Retained Earnings 65,916 Total Assets $596,620 Total Equities $596,620 The following summary transactions occurred during 2021: paid $86,119 to suppliers for merchandise previously purchased on account paid $25,780 for advertising • sold merchandise for $437,100 on account and $267,900 for cash; the merchandise cost $366,600 • paid $5,191 for land and equipment • received $245,811 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? OA: $375,435 OB: $439,259 Oc: $513,933 OD: $601,301 OE: $703,522 OF: $823,121 Submit Answer Tries 0/99 5. What were total liabilities on December 31,…