Following Are Transactions of Gotebo Tanners,Inc

question 64

Multiple Choice

Following are transactions of Gotebo Tanners,Inc.,a new company,during the month of January 2012: 1.Issued 10,000 shares of common stock for $15,000 cash.
2) Purchased land for $12,000,signing a note payable for the full amount.
3) Purchased office equipment for $1,200 cash.
4) Received cash of $14,000 for services provided to customers during the month.
5) Purchased $300 of office supplies on account.
6) Paid employees $10,000 for their first month's salaries.
What was the total amount of Gotebo's liabilities following these six transactions?

• A)$12,300.
• B)$27,300.
• C)$22,600.
• D)$15,500.

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Definitions:

Clotting Process

The series of biochemical events leading to the formation of a blood clot, critical in preventing excessive bleeding when vessels are injured.

Agglutination

Process by which blood cells, bacteria, or other particles are caused to adhere to one another and form clumps.

Erythrocytes

Red blood cells responsible for carrying oxygen and carbon dioxide throughout the body.

von Willebrand Factor

A blood glycoprotein involved in hemostasis, important for the formation of blood clots.