The Following Information Applies to the Questions Displayed Below

question 22

Multiple Choice

The following information applies to the questions displayed below.

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:
1) issued stock for $40,000
2) borrowed $25,000 from its bank
3) provided consulting services for $39,000
4) paid back $15,000 of the bank loan
5) paid rent expense for $9,000
6) purchased equipment costing $12,000
7) paid $3,000 dividends to stockholders
8) paid employees' salaries, $21,000

-What is Yowell's ending notes payable balance?

• A)$0
• B)$25,000
• C)($15,000)
• D)$10,000

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Definitions:

Sebum

An oily substance produced by the sebaceous glands to moisturize and protect the skin.

Conjunctiva

The thin, transparent tissue that covers the white part of the eye and lines the inside of the eyelids.

Esotropia

A condition characterized by the inward turning of one or both eyes.

Entropion

A medical condition where the eyelid folds inward, causing the eyelashes to rub against the eyeball, leading to irritation and discomfort.