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Gulf Waterworks Corporation provides plumbing services. Transactions during the first year of operations are given below. a) Received $4,000 cash and issued common stock
Gulf Waterworks Corporation provides plumbing services. Transactions during the first year of operations are given below. a) Received $4,000 cash and issued common stock to Jason Robinson. b) Paid $4,000 cash for equipment to be used for plumbing repairs. c) Borrowed $26,000 from a local bank and deposited the money in the checking account. d) Paid $700 rent for the year. e) Purchased $1,500 of office supplies on account. OA. $4,000 OB. $26,000 C. $3,000 D. $6,300 Calculate the amount of total stockholders' equity at the end of the first year after recording the transactions. Assume office supplies of $1,500 are left at the end of the year.
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