During Its First Year of Operations, a Company Entered into the Following

question 165

Multiple Choice

During its first year of operations, a company entered into the following transactions:
-Borrowed $5,000 from the bank by signing a promissory note.
-Issued stock to owners for $10,000.
-Purchased $1,000 of supplies on account.
-Paid $400 to suppliers as payment on account for the supplies purchased.
-Use the information above to answer the following question.What is the amount of total assets at the end of the year?

• A) $16,000.
• B) $5,600.
• C) $15,000.
• D) $15,600.

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Definitions:

Acetylcholine

A neurotransmitter involved in many functions including muscle movement, heart rate, memory, and learning.

Muscle Contractions

The process whereby muscle fibers shorten or lengthen to produce movement or maintain posture as a response to stimulation by nerve impulses.

Dependent Variable

The variable that is being measured in an experiment or study to see if it is affected by changes in another variable.

Perfect-Tasting Pancake

An ideal or most desirable pancake, characterized by optimal flavor according to an individual's preferences.