Company during March 20x1: (1) Issues 20,000 shares of $12 par value common stock in exhcange for $300,000 in cash.

(2) Acquires inventories with a list price of $55,000 on account from suppliers.

(3) Pays invoices for merchandise inventories purchased in (2) with an original list price of $40,000, after deducting a discount of 2% for prompt payment. The firm treats cash discounts as a reduction in the acquisition cost of merchandise inventories.

(4) Sells merchandise to customers totaling $45,000 on account. This merchandise cost $25,000 (assume any discounts obtained by JB from the supplier are already reflected in the inventory account).

(5) Collects $10,000 from customer for sales previously made on account.

Assuming these are the only activities at JB during March (make sure to answer both questions):

1. What are total liabilities + shareholders' equity as reported on the balance sheet at March 31, 20X1?

2. What is the total amount of cash reported on the balance sheet at March 31, 20X1?