Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:

1. 1) issued stock for $50,000
2. 2) borrowed $30,000 from its bank
3. 3) provided consulting services for $49,000 cash
4. 4) paid back $20,000 of the bank loan
5. 5) paid rent expense for $11,500
6. 6) purchased equipment for $17,000 cash
7. 7) paid $3,500 dividends to stockholders
8. 8) paid employees' salaries of $26,000

What is Yowell's notes payable balance at the end of Year 1?

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $50,000 2) borrowed $30,000 from its bank 3) provided consulting services for $49,000 cash 4) paid back $20,000 of the bank loan 5) paid rent expense for $11,500 6) purchased equipment for $17,000 cash 7) paid $3,500 dividends to stockholders 8) paid employees' salaries of $26,000 What is Yowell's notes payable balance at the end of Year 1? Multiple Choice $10,000 $0 $30,000 $20,000