Wiley Hill Opened Hill's Repairs on March 1 of the Current

question 187

Multiple Choice

Wiley Hill opened Hill's Repairs on March 1 of the current year.During March,the following transactions occurred and were recorded in the company's books: 1.Wiley invested $25,000 cash in the business.
2) Wiley contributed $100,000 of equipment to the business.
3) The company paid $2,000 cash to rent office space for the month.
4) The company received $16,000 cash for repair services provided during March.
5) The company paid $6,200 for salaries for the month.
6) The company provided $3,000 of services to customers on account.
7) The company paid cash of $500 for monthly utilities.
8) The company received $3,100 cash in advance of providing repair services to a customer.
9) Wiley withdrew $5,000 for his personal use from the company.
Based on this information,the balance in Wiley Hill,Capital reported on the Statement of Owner's Equity at the end of March would be:

• A)$133,400.
• B)$130,300.
• C)$125,300.
• D)$8,400.
• E)$13,500.

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Definitions:

Production Rates

The speed at which products are manufactured within a defined period of time.

Profit Contribution

The portion of total sales revenue that exceeds the fixed and variable costs associated with making and selling the product.

Solver

A mathematical tool used in optimization that finds the maximum or minimum value of a function subject to constraints.

Optimal Profit

The highest possible profit that an entity can achieve under given constraints and conditions.