Question

X Company, a merchandising company, had the following transactions during the year:

1. Received $8,831 from new owners.

2. Purchased $8,217 worth of merchandise on account from suppliers.

3. Sold merchandise on account to customers for $10,485; the merchandise cost X Company $8,388.

4. Paid $3,466 to suppliers for merchandise that X Company had previously purchased on account.

5. Collected $3,846 from customers who had previously purchased merchandise on account.

6. Bought equipment for $10,380 with a down payment of $5,391 and a $4,989 loan from the bank.

7. Paid wages of $1,167.

8. Recognized the expiration of $571 of prepaid rent.

If total assets at the beginning of the year were $12,458, what were total assets at the end of the year?

Answer 1