Wiley Hill Opened Hill's Repairs, Inc

question 218

Multiple Choice

Wiley Hill opened Hill's Repairs, Inc. on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Wiley invested $25,000 cash in the corporation.
2) Wiley contributed $100,000 of equipment to the corporation.
3) The company paid $2,000 cash to rent office space for the month.
4) The company received $16,000 cash for repair services provided during March.
5) The company paid $6,200 for salaries for the month.
6) The company provided $3,000 of services to customers on account.
7) The company paid cash of $500 for monthly utilities.
8) The company received $3,100 cash in advance of providing repair services to a customer.
9) The company paid $5,000 cash in dividends to Wiley. (sole shareholder)
Based on this information, the balance in Stockholders' Equity reported on the Balance Sheet at the end of March would be:

• A)$133,400.
• B)$130,300.
• C)$125,300.
• D)$8,400.
• E)$13,500.

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Definitions:

Financial Results

The numeric outcome of an organization's financial activities over a specific period, including profits, losses, revenue, and expenses.

HR Professionals

Individuals specializing in managing human resources, focusing on recruitment, management, and providing direction for the people who work in an organization.

Training Investments

The allocation of resources, such as time and money, towards the development and education of employees to improve their skills and competencies.

Costing Process

The Costing Process involves determining the expenses associated with producing a product or providing a service, including materials, labor, and overhead costs.