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Assume a company's January 1, 20A, financial position was: Assets, $75,000 and Liabilities, $30,000. During January 20A, the company completed the following transactions: (a) paid
Assume a company's January 1, 20A, financial position was: Assets, $75,000 and Liabilities, $30,000. During January 20A, the company completed the following transactions: (a) paid on a note payable $5,000 (no interest was paid); (b) collected an accounts receivable, $4,000; (c) paid an accounts payable, $3,000; and (d) purchased a truck, $2,000 cash, and received a $13,000 note payable. The company's January 31, 20A financial position is Assets A) $83,000 B) $80,000 C) $65,000 D) $78,000 Liabilities $38,000 $35,000 $35,000 $37,000 E) None of the above. Stockholders' Equity $45,000 $45,000 $30,000 $41,000
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