Which option is correct? Bing Enterprises was recently formed with a $9,000investment in the company by shareholders. Thecompany then borrowed $6,000 from a bank,purchased $2,500 of supplies on account, and alsopurchased $8,000 of equipment by paying $5,000 incash and signing a note for the balance. Based onthese transactions, the company's total assets are:A. $13,000B. $17,500C. $20,500D. $23,000

Step 1: DefinitionsConcept of Assets:Assets are economic resources owned or controlled by a business…

Answered: Bing Enterprises was recently formed…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

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Park & Company was recently formed with a $6,000 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,000 from a local bank, purchased $1,100 of supplies on account, and also purchased $6,000 of equipment by paying $2,100 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are
Gordon Company was recently formed with a $7,000 investment in the company by shareholders. The company then borrowed $4,000 from a bank, purchased $3,000 of supplies on account, and also purchased $7,000 of equipment by paying $4,000 in cash and signing a note for the balance. Based on these transactions, the company's total assets are___. A. $7,000 B. $9,000 C. $11,000 D. $17,000
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During 20X6, LAL Corp. had the following cash flows: (1) received cash of $10,000 billed to a customer in 20X6; (2) earned $120,000 of net income; (3) paid interest of $15,000 on a corporate bond issue; (4) paid dividends of $30,000 to its stockholders; (5) borrowed $150,000 from a local bank; and (6) purchased its own shares of common stock for $50,000. What is LAL's net cash flows from financing activities for 20X6?
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Jones Enterprises recorded the following events last year: ⚫ Repurchase by the company of its own common stock: $50,000 . Sale of long-term investment: $80,000 • Interest paid to lenders: $20,000 Dividends paid to the company's shareholders: $90,000 Collection by Jones of a loan made to another company: $60,000 . Payment of taxes to governmental bodies: $30,000 Based solely on the information above, the net cash provided by (used in) investing activities on the statement of cash flows would be: A. $140,000 B. $110,000 C. $130,000 D. $80,000
How much is the net cash flow from investing activities? How much is the net cash flow from financing activities?

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