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Flamengo Corporation's January 1, 2016 balance sheet reported total assets of $140,000 and total liabilities of $75,000. During January 2016, the company completed the following
Flamengo Corporation's January 1, 2016 balance sheet reported total assets of $140,000 and total liabilities of $75,000. During January 2016, the company completed the following transactions: (A) paid a note payable using $10,000 cash (no interest was paid); (B) collected a $9.000 accounts receivable; (C) paid a $5,000 accounts payable; and (D) purchased a truck for $5,000 cash and by signing a $20,000 note payable from a bank. The Flamengo's January 31, 2016 balance sheet would report which of the following? Assets $160,000 Liabilities $75,000 Stockholders' Equity $85,000 O Assets $155,000 Liabilities $65,000 Stockholders' Equity $90,000 Assets $145,000 Liabilities $80,000 Stockholders' Equity $65,000 Assets $150,000 Liabilities $60,000 Stockholders' Equity $90,000
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