Lori Nichols Opened an Engineering Office and Titled the Business

question 52

Multiple Choice

Lori Nichols opened an engineering office and titled the business Engineering Enterprises P.C.During its first month of operations,it completed the following transactions: I.Lori invested $30,000 in the business,which in turn issued common stock to her.
V.The business borrowed $8,000 from the bank,issuing a note payable.
At the end of the month,Cash would equal:

• A)$30,000.
• B)$37,000.
• C)$43,000.
• D)$61,000.

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Definitions:

Right

A legal, moral, or social entitlement to have or obtain something or to act in a certain way.

Respondeat Superior

A legal doctrine holding an employer or principal responsible for the actions of their employees or agents performed within the course of their employment or agency.

Multi-national Corporation

A large corporation that operates and provides goods or services in multiple countries beyond its initial country of origin.

Small-town Store

A retail establishment located in a small community, often offering a range of products tailored to local residents.