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

See similar textbooks

Similar questions

The fact that your organization underapplies or overapplies overhead is an indication of a problem with the people in charge of applying such overhead. Defend or attack this statement. No copy paste please.
DON'T USE EXCEL OR ANY TABLES, compute by a conventional method. Completely solve to fill in Blank 1, Blank 2, and Blank 3. Box the final answers. Write legibly or typewrite the solutions. AGAIN, DON'T USE EXCEL AND SUCH!!! A piece of production equipment is to be replaced immediately because it no longer meets quality requirements for the end product. The two best alternatives are a used piece of equipment (E1) and a new automated model (E2). The economic estimates for each are shown in the accompanying table. The MARR is 15% per year. Which alternative is preferred based on the: (a) coterminated assumption with a ten-year study period and an imputed market value for Alternative b? Use FW method. FW (E1) = $_____? FW (E2) = $_____? The best alternative is E_____?
Which of the following is one of the limitations of Management Accounting?Select one:a. Existence of wide knowledgeb. Simplified approachc. Lack of objectivityd. Free of cost system
please answer 1 2 and 3 and show how it is solved Note:- Please don't simply copy and paste content from other AI tools or bots, or else I may have to downvote your actions. Do not provide the handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.
Subject : accounting
Inspector expenses and other expenses that are designed to ensure quality or uncover defects are examples of prevention costs. ture or false
Regarding materiality, both amount and nature of misstatements should be considered. One of the inherent limitations of internal control is the lack of segregation of duties. Group of answer choices False, False True, True True, False False, True
The inputs to a model may have different roles. Among the choices, which should be excluded? Choices: A.decision variables B.intermediate calculation C.No choice given D.conversion factors E.historical data
Explain cost of conversion. (please give a clear explanation and avoid plagiarism. Thank you.)
Please use the below format for your submitted answers, using a table or spreadsheet: Response Spreadsheet or Table Format 1. Segregation of II. Subsidiary ledger Duties errors A1. COSO objective A2. Design adequacy or Operational effectiveness A3. Insignificant, Significant, or Material A4. Overall conclusions B1. IA reporting B2. Management reporting III. Untimely reconciliations
It says they answers are wrong from your example.
What is the term given for information that should NOT be taken from one source as the collectors of the information may have collected this for a specific purpose? a. Accuracy b. REliability c. Completeness d. Bias