A company purchased equipment for use in the business at a cost of $13,500, one-fifth was paid in cash, and the company signed a note for the balance. The journal entry to record this transaction will include a: Multiple Choice On January 1, Kirk Corporation had total assets of $865,000. During the month, the following activities occurred: Kirk Corporation acquired equipment costing $7,500, promising to pay cash for it in 60 days. Kirk Corporation purchased $3,650 of supplies for cash. Kirk Corporation sold land, which it had acquired 2 years ago. The land had cost $16,500 and it was sold for $16,500 cash. Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,150 per month What is the amount of total assets of Kirk Corporation at the end of the month? During its first year of operations, a company entered into the following transactions: Borrowed $5,090 from the bank by signing a promissory note. Issued stock to owners for $10,900. Purchased $1,090 of supplies on account. Paid $490 to suppliers as payment on account for the supplies purchased What is the amount of total assets at the end of the year? T-account: Accounts Receivable Beg. 187,900 Bal 105,300 18,040 63,940 5,440 14,740 19,240 Partial list of account balances at the end of the year: $28,040 Cash Unknown Accounts Receivable Equipment Accounts Payable 35,640 5,940 The amount of total current assets that will be reported on the company's balance sheet at the end of the year is: Park & Company was recently formed with a $5,100 investment in the company by stockholders in exchange for common stock. The company then borrowed $2,100 from a local bank, purchased $1,010 of supplies on account, and also purchased $5,100 of equipment by paying $2,010 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are: Multiple Choice Constable Co. reported the following information at December 31, Year 1: $ 4,600 Accounts Payable Accounts Receivable 9,450 Cash 24,490 Common Stock 91,000 Equipment Inventory 50,500 32,200 Notes Payable due December 31, Year 3 Retained Earnings, December 31, Year 1 Wages Payable 2,600 14,190 4,250 What is the total of the credit balance accounts? A company started the year with a normal balance of $87,000 in the Inventory account. During the year, debits totaling $54,500 and credits totaling $74,000 were posted to the Inventory account. Which of the following statements about the Inventory account is correct? Multiple Choice On January 1, Year 3, Wayfarer Co.'s assets were $365,000 and its stockholders' equity was $153,000. During the year, assets increased $21,500 and liabilities decreased $23,000. Required: Determine the amount of stockholders' equity at December 31, Year 3 Stockholders' equity
