Our company has done the following transactions, and only these, to date: Transaction Assets Liabilities Shareholders' Equity

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Our company has done the following transactions, and only these, to date: Transaction Assets Liabilities Shareholders' Equity #1) Sell shares for $25k +$25k Cash +$25k Common Stock #2) Get loan of $10k +$10k Cash +$10k Notes Payable #3) Buy equipment for $24k -$24k Cash, +$24k Equipment #4) Pre-pay 1 year rent for $6k -$6k Cash, +$6k Prepaid Rent What is our company's Total Assets (balance) at this point, after Transaction #4?

A. $5k

B. None of the other answers.

C. $30k

D. $65k

E. $35k

Continuing from the previous question, what is our company’s Cash balance at this point, after Transaction #4?
$5k
$10k
$25k
$35k
None of the other choices

Posted Date: Apr 06, 2022 03:53 AM

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Our company has done the following transactions, and only these, to date: Transaction Assets Liabilities Shareholders' Equity

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Q1 Transaction 1 Sell shares 2 Get loan 3 Buy Equipment 4 Prepaid rent Ca... View the full answer

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