At the beginning of April, Moncrief Corporation's assets totaled $240,000 and liabilities totaled $60,000. During April the following summarized transactions occurred: Owners contributed an additional $20,000 cash. A building was purchased using $10,000 cash and by signing an $85,000 long-term note payable. Short-term investments costing $9,000 were purchased using cash. A $10,000 loan was made to an employee by one of Moncrief's owners from the owner's personal funds How much are Moncrief's total liabilities at the end of April? Group of answer choices a)$145,000 b)$155,000 c)$165,000 d)$135,000 e)None of the above
At the beginning of April, Moncrief Corporation's assets totaled $240,000 and liabilities totaled $60,000. During April the following summarized transactions occurred: Owners contributed an additional $20,000 cash. A building was purchased using $10,000 cash and by signing an $85,000 long-term note payable. Short-term investments costing $9,000 were purchased using cash. A $10,000 loan was made to an employee by one of Moncrief's owners from the owner's personal funds How much are Moncrief's total liabilities at the end of April? Group of answer choices a)$145,000 b)$155,000 c)$165,000 d)$135,000 e)None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
At the beginning of April, Moncrief Corporation's assets totaled $240,000 and liabilities totaled $60,000. During April the following summarized transactions occurred:
Owners contributed an additional $20,000 cash.
A building was purchased using $10,000 cash and by signing an $85,000 long-term note payable.
Short-term investments costing $9,000 were purchased using cash.
A $10,000 loan was made to an employee by one of Moncrief's owners from the owner's personal funds
How much are Moncrief's total liabilities at the end of April?
Owners contributed an additional $20,000 cash.
A building was purchased using $10,000 cash and by signing an $85,000 long-term note payable.
Short-term investments costing $9,000 were purchased using cash.
A $10,000 loan was made to an employee by one of Moncrief's owners from the owner's personal funds
How much are Moncrief's total liabilities at the end of April?
Group of answer choices
a)$145,000
b)$155,000
c)$165,000
d)$135,000
e)None of the above
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