The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: • • • Capital stock was issued in exchange for $358,000 cash. Purchased $176,000 of equipment by making a $58,000 cash down payment and signing a note payable for the balance. Made a $34,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $16,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March? Multiple Choice $442,000 $476,000 $160,000 $282,000

The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: • • • Capital stock was issued in exchange for $358,000 cash. Purchased $176,000 of equipment by making a $58,000 cash down payment and signing a note payable for the balance. Made a $34,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $16,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March? Multiple Choice $442,000 $476,000 $160,000 $282,000

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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