Nelson Company Experienced the Following Transactions During Year 1, Its

question 21

Multiple Choice

Nelson Company experienced the following transactions during Year 1, its first year in operation.Acquired $9,200 cash by issuing common stock.Provided $5,500 of services on account.Paid $2,400 cash for operating expenses.Collected $3,500 of cash from customers in partial settlement of its accounts receivable.Paid a $260 cash dividend to stockholders.What is the amount of total assets that will be reported on the balance sheet as of December 31, Year 1?

• A)$10,040
• B)$10,300
• C)$12,300
• D)$12,040

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Definitions:

Southern Blotting

Southern blotting is a molecular biology technique used to detect specific DNA sequences within a DNA sample by transferring DNA from a gel to a membrane and then probing it with a DNA probe.

Nitrocellulose Filter

A porous sheet made from nitrocellulose used in various laboratory applications, such as filtering particles or for blotting techniques in molecular biology.

DNA

Deoxyribonucleic acid, or DNA, is the molecule containing genetic directives crucial for the growth, development, activity, and reproduction in all identified living organisms as well as numerous viruses.

Comparative Genomics

The field of biological research in which the genomic features of different organisms are compared to understand their evolutionary relationships and functional biology.