A Company's January 1,2010 Balance Sheet Reported Total Assets of $150,000

question 118

Multiple Choice

A company's January 1,2010 balance sheet reported total assets of $150,000 and total liabilities of $60,000.During January 2010,the company completed the following transactions:
(A) paid a note payable using $10,000 cash (no interest was paid) ; (B) collected a $9,000 accounts receivable; (C) paid a $5,000 accounts payable; and (D) purchased a truck for $5,000 cash and by signing a $20,000 note payable from a bank.The company's January 31,2010 balance sheet would report which of the following? $$\begin{array} { l l c } { \text { Assets } } & \text { Liabilities } & \text { Stockholders’ Equity } \\\text { A. } \$ 150,000 & \$ 60,000 & \$ 90,000 \\\text { B. } \$ 155,000 & \$ 65,000 & \$ 90,000 \\\text { C. } \$ 160,000 & \$ 75,000 & \$ 85,000 \\\text { D. } \$ 170,000 & \$ 100,000 & \$ 70,000\end{array}$$

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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Definitions:

Rollo May

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