Wiley Hill opened Hill's Repairs on March 1 of this year. The following transactions took place during the month of March:

1. Wiley invested $25,000 in cash in the business in exchange for common stock.
2. Wiley contributed $100,000 of equipment to the business in exchange for common stock.
3. The company paid $2,000 in cash to lease office space for the month of March.
4. The company received $16,000 in cash for repair services provided in March.
5. The company paid $6,200 in salaries for the month of March.
6. The company provided customers with $3,000 in service on account.
7. The company paid $500 cash for utilities for the month of March.
8. The company received $3,100 cash in advance from a customer for repair services to be provided in April.
9. The company paid $5,000 in cash dividends.

Based on this information, what would be the total amount of equity reported on the balance sheet at the end of March?

Answer rating: 100% (QA)

To calculate the total amount of equity reported on the balance sheet at the end of March we need to ... View the full answer