Jaycox Company Received $1,000 Cash from the Issue of Stock

question 71

Multiple Choice

Jaycox Company received $1,000 cash from the issue of stock on January 1, 2016. During 2015 the Jaycox Company earned $3,500 of revenue on account. The company collected $2,400 cash from accounts receivable and paid $3,000 cash for operating expenses. Based on this information alone

• A) Total assets increased by $1,500
• B) Total assets decreased by $3,500
• C) Total assets increased by $2,400
• D) Total assets did not change

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