Question
The following account balances were drawn from the financial statements of Grayson Company: Cash $ 6,100 Accounts payable $ 2,100 Accounts receivable $ 3,200 Common
The following account balances were drawn from the financial statements of Grayson Company:
| Cash | $ | 6,100 | Accounts payable | $ | 2,100 | ||
| Accounts receivable | $ | 3,200 | Common stock | ? | |||
| Land | $ | 9,700 | Retained earnings, Jan.1 | $ | 4,400 | ||
| Revenue | $ | 11,200 | |||||
| Expenses | $ | 8,100 | |||||
Based on the above information, what is the balance of Common Stock for Grayson Company?
a. 12500
b. 1300
c. 12100
d. 9400
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Study Guide For Use With Managerial Accounting
Authors: Ronald M. Copeland, Paul E. Dascher, Jerry R. Strawser, Robert H. Strawser
1st Edition
0873937651, 978-0873937658
