Question

# A company's January 1, 2019 balance sheet reported total assets of \$167,000 and total liabilities of...

A company's January 1, 2019 balance sheet reported total assets of \$167,000 and total liabilities of \$68,500. During January 2019, the company completed the following transactions: (A) paid a note payable using \$18,500 cash (no interest was paid); (B) collected a \$17,500 accounts receivable; (C) paid a \$6,700 accounts payable; and (D) purchased a truck for \$6,700 cash and by signing a \$28,500 note payable from a bank. The company's January 31, 2019 balance sheet would report which of the following?

Multiple Choice

A

 Assets Liabilities Stockholders's Equity \$170,300 \$71,800 \$98,500

B

 Assets Liabilities Stockholders's Equity \$167,000 \$68,500 \$98,500

C

 Assets Liabilities Stockholders's Equity \$177,000 \$90,300 \$86,700

D

 Assets Liabilities Stockholders's Equity \$195,500 \$128,900 \$66,600

#### Homework Answers

Answer #1

Answer: Option A " Assets \$170,300 Liabilities \$71800 Stockholders Equity \$98500

Explanation:

 Particulars Amount Particulars Amount Total Liabilities (Beginning \$68500 Total Assets (Beginning) \$167000 Paid a Note payable (Decreases Liability) -\$18500 Cash (Note payable paid) -\$18500 Accounts paaybles paid -\$6700 Cash (Icreases as Collected Accounts Recivable) \$17500 Note Payable (for Truck) \$28500 Accounts receivable (Decreases as Collected ) -\$17500 Total Liabilities \$71800 Cash (Accounts payables paid) -\$6700 Truck (Purchase increases asset ) \$35200 Cash (Paid for Truck purchase) -\$6700 Stockholders Equity (Balance figure ) \$98500 Total Stockholders Equity &Liabilities at 31 Jan 2019 \$170300 Total Assets at 31 Jan 2019 \$170300
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