O,000 shares of con ed equipment for $ $1,400 from a cus nthly sales: Cash s ed supplies on crec 542,000 payment c $11,200 from cus

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
A company had the following transactions during September, the first month of its operations:
●
• Issued 20,000 shares of common stock in exchange for $560,000.
• Purchased equipment for $280,000, using a $140,000 cash down payment and signing a note payable for the balance.
• Received $1,400 from a customer for services to be performed in November.
• Total monthly sales: Cash sales $70,000 Credit Sales (Acct. Receivable): $25,200
·
• Purchased supplies on credit for $32,200.
• Made a $42,000 payment on the note payable from the purchase of the land.
• Collected $11,200 from customers on account.
.
• Paid $3,500 for September employee wages.
• Received a utility bill for $700 which will be paid next month.
What is total stockholders' equity at the end of September?
Select one:
O
O
O
O
O
a. $655,200
b. $625,800
C. $560,000
d. $783,300
e. $651,000
Transcribed Image Text:A company had the following transactions during September, the first month of its operations: ● • Issued 20,000 shares of common stock in exchange for $560,000. • Purchased equipment for $280,000, using a $140,000 cash down payment and signing a note payable for the balance. • Received $1,400 from a customer for services to be performed in November. • Total monthly sales: Cash sales $70,000 Credit Sales (Acct. Receivable): $25,200 · • Purchased supplies on credit for $32,200. • Made a $42,000 payment on the note payable from the purchase of the land. • Collected $11,200 from customers on account. . • Paid $3,500 for September employee wages. • Received a utility bill for $700 which will be paid next month. What is total stockholders' equity at the end of September? Select one: O O O O O a. $655,200 b. $625,800 C. $560,000 d. $783,300 e. $651,000
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Corporate restructuring
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education