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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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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