Question: I need help with these pt.2 Panama Co. went into business on Jan. 1, 2019. During the first three months, it had the following transactions:




I need help with these pt.2





Panama Co. went into business on Jan. 1, 2019. During the first three months, it had the following transactions: - Jan. 1 - Issued common stock for $6,000 cash. 0 Jan. 1 - Borrowed $10,000 from bank. No payments will be made on this loan until Jan. 1, 2021, and at that time, the company will owe $11,200. 0 Feb. 1 - Paid $3,000 for three months of rent. - Feb. 10 - Bought land for$9,000 cash. 0 Feb. 16 - Bought $7,000 of inventory on account. - Mar. 1 - Bought equipment for $3,600 cash. Management expects the equipment will last for3 years and and then be worthless. - Mar. 7 - Sold one half of inventory for $8,000, halfin cash and halfon account. 0 Mar. 10 - Sold one-third of land for $2,500 cash. - Mar. 20 - Collected the balance due from the customer. 0 Mar. 28 - Received a utility bill for the first three months of $750. This will be paid in April. How much were long-term liabilities at March 31? O A $10,000 O B $0 O c $11,050 O D $10,150 O E None of the aboveHow much were current liabilities at March 31? O A $7,750 O B $750 O $0 O D $7,000 O E None of the aboveHow much were current assets at March 31? O A $18,900 O B $17,400 O C $19,400 O D $15,400 O E None of the aboveHow much were fixed assets at March 31? O A $9,300 O B $9,500 O C $9,600 O D $12,600 O None of the above
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