The following transactions occurred during December, the first month of operations for Johnson, Corp.: Purchased $150,000 of equipment by making a $55,000 cash down payment and signing a note payable for the balance. Capital stock was issued in exchange for $225,000 cash. Made a $25,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $14,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets at the end of December? Select one: OA. 136,000 OB. 159,000 OC. 295,000 OD. 320,000

The following transactions occurred during December, the first month of operations for Johnson, Corp.: Purchased $150,000 of equipment by making a $55,000 cash down payment and signing a note payable for the balance. Capital stock was issued in exchange for $225,000 cash. Made a $25,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $14,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets at the end of December? Select one: OA. 136,000 OB. 159,000 OC. 295,000 OD. 320,000

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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