Question
McCoy Corporation provides plumbing services. Transactions during the first year of operations are provided below. a) Received $11,000 cash and issued common stock to Sharon
- McCoy Corporation provides plumbing services. Transactions during the first year of operations are provided below.
- a) Received $11,000 cash and issued common stock to Sharon McCoy.
- b) Paid $2,000 cash for equipment to be used for plumbing repairs.
- c) Borrowed $13,000 from a local bank and deposited the money in the checking account.
- d) Paid $400 rent for the year.
- e) Purchased $400 of office supplies by cash.
- f) Completed a plumbing repair project for a local lawyer and received $3,500 cash.
- Calculate the number of total liabilities at the end of the first year.
- A. $11,000
- B. $13,000
- C. $22,000
- D. $3,500
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Interpreting and Analyzing Financial Statements
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