At the beginning of April, Warren Corporation's assets totaled $247,000 and liabilities totaled $67,000. During April the following summarized transactions occurred: Additional shares of stock were sold for $23,500 cash. A building costing $102,000 was purchased using $13,500 cash and by signing an $88,500 long-term note payable. Short-term investments costing $9,700 were purchased using cash. $10,700 was paid to an employee as a loan; the employee signed a six-month note in exchange for the loan. How much are Warren's total assets at the end of April?
At the beginning of April, Warren Corporation's assets totaled $247,000 and liabilities totaled $67,000. During April the following summarized transactions occurred: Additional shares of stock were sold for $23,500 cash. A building costing $102,000 was purchased using $13,500 cash and by signing an $88,500 long-term note payable. Short-term investments costing $9,700 were purchased using cash. $10,700 was paid to an employee as a loan; the employee signed a six-month note in exchange for the loan. How much are Warren's total assets at the end of April?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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|
At the beginning of April, Warren Corporation's assets totaled $247,000 and liabilities totaled $67,000. During April the following summarized transactions occurred: |
| Additional shares of stock were sold for $23,500 cash. |
| A building costing $102,000 was purchased using $13,500 cash and by signing an $88,500 long-term note payable. |
| Short-term investments costing $9,700 were purchased using cash. |
| $10,700 was paid to an employee as a loan; the employee signed a six-month note in exchange for the loan. |
| How much are Warren's total assets at the end of April? |
Transcribed Image Text:Multiple Choice
$359,000
$256,700
$382,200
$257,000
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