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there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March? Group of answer choices $472,000 $281,000 $158,000 $439,000

there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March? Group of answer choices $472,000 $281,000 $158,000 $439,000

FINANCIAL ACCOUNTING
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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The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $356,000 cash. • Purchased $ 172,000 of equipment by making a $56,000 cash down payment and signing a note payable for the balance. • Made a $33,000 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 of Quality Galleries at the end of March? Group of answer choices $472,000 $281,000 $158,000 $439,000
Transcribed Image Text:The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $356,000 cash. • Purchased $ 172,000 of equipment by making a $56,000 cash down payment and signing a note payable for the balance. • Made a $33,000 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 of Quality Galleries at the end of March? Group of answer choices $472,000 $281,000 $158,000 $439,000
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