8 On January 1, Kirk Corporation had total assets of $856,000. During the month, the following activities occurred: Kirk Corporation acquired equipment costing $6,600, promising to pay cash for it in 60 days.Kirk Corporation purchased $3,560 of supplies for cash.Kirk Corporation sold land, which it had acquired 2 years ago. The land had cost $15,600 and it was sold for $15,600 cash.Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,060 per month.What is the amount of total assets of Kirk Corporation at the end of the month? Multiple Choice $811,400 $862,600 $866,160 $827,000

Kirk Corporation acquired equipment costing $6,600, promising to pay cash for it in 60 days.…

Answered: 8 On January 1, Kirk Corporation…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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On January 1, Kirk Corporation had total assets of $856,000. During the month, the following activities occurred:

Kirk Corporation acquired equipment costing $6,600, promising to pay cash for it in 60 days.
Kirk Corporation purchased $3,560 of supplies for cash.
Kirk Corporation sold land, which it had acquired 2 years ago. The land had cost $15,600 and it was sold for $15,600 cash.
Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,060 per month.

What is the amount of total assets of Kirk Corporation at the end of the month?

Multiple Choice

$811,400
$862,600
$866,160
$827,000

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