Question
Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:
Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books: 1. Andrea invested $14,600 cash in the business in exchange for common stock. 2. Andrea contributed $31,000 of photography equipment to the business in exchange for common stock. 3. The company paid $3200 cash for an insurance policy covering the next 24 months. 4. The company received $6800 cash for services provided during January. 5. The company purchased $7300 of office equipment on credit. 6. The company provided $3850 of services to customers on account. 7. The company paid cash of $2600 for monthly rent. 8. The company paid $4200 on the office equipment purchased in transaction #5 above. 9. Paid $385 cash for January utilities.
Based on this information, the amount of total stockholders' equity-reported on the Balance Sheet at the end of the month would be:
$52,400.
$46,800.
$53,265.
$41,765.
$44,350.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started