The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $370.000 cash. Purchased $200,000 of equipment by making a $70,000 cash down payment and signing a note payable for the balance. Made a $40,000 cash payment on the note payable from the purchase of equipment. . Sold a piece of equipment for cash of $28,000. The equipment was sold at cost, so there is no gain or loss on the sale. What is the total owners' equity at the end of March? Multiple Choice $500,000 $370,000 $460.000 $288.000 Astoria Company had the following transactions during the month of August Year 1: (1) Cash received from bank loans was $18,000 (2) Dividends of $9,300 were paid to stockholders in cash (3) Revenues earned and received in cash amounted to $31,500 (4) Expenses incurred and paid were $25,000 At the beginning of August, Year 1 owners' equity in Astoria was $158,000. Given the transactions of August, what will be the owners' equity be at the end of the month? Multiple Choice 5155.200 $189.500 $148,700 5164,500 At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable Land Capital Stock Building Retained Earnings $ 17,500 $ 243,000 ? $ 183,000 $ 163,000 Accounts Receivable Cash Equipment Notes Payable $ 43,000 ? $ 123,000 $ 193,000 If Cash at December 31, Year 1, is $69,000, total assets amounts to: Multiple Choice $678,500 $661,000 $824,000 $618,000 If during the current year, liabilities of Corbett's Store increased by $230,000 and owners' equity increased by $165,000, then: Multiple Choice Assets at the end of the year total $65,000 Ansets increased during the year by $395,000 Assets at the end of the year total $395,000 Assets decreased during the year by $65.000 If total assets equal $347,000 and total owners' equity equal $121,000, then total liabilities must equal: Multiple Choice $468,000 $121,000 Cannot be determined from the information given. $226,000 If Hot Bagel Company estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry Multiple Choice Debit Automobile $578 and credit Depreciation Expense $578. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578 Debit Depreciation Expense $578 and credit Automobile 5578 Debit Accumulated Depreciation $578 and credit Depreciation Expense $578