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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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