Yowell Company Began Operations on January 1, Year 1

question 166

Multiple Choice

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $74,0002) borrowed $59,000 from its bank3) provided consulting services for $72,0004) paid back $32,000 of the bank loan5) paid rent expense for $17,5006) purchased equipment costing $29,0007) paid $4,700 dividends to stockholders8) paid employees' salaries for work completed during the year, $38,000What is Yowell's ending notes payable balance?

• A)$0
• B)$59,000
• C)$27,000
• D)$32,000

---

Definitions:

Market Share

The portion of a market controlled by a particular company or product.

Legal Business Form

The legal structure of an organization defined during registration, such as sole proprietorship, partnership, corporation, or LLC.

Company Objectives

The clearly defined targets or goals that a business aims to achieve over a specific period of time.

Business Plan

A detailed document outlining the strategy, objectives, market analysis, financial forecasts, and operational structures for a new or existing business.