Effects of a Series of Transactions on Balance Sheet Items

question 100

Essay

Effects of a series of transactions on balance sheet items
Fieldstone, Inc. had the following transactions during the month of March, the first month of operations for the business:
* The corporation issued 12,000 shares of capital stock to Sandy Fieldstone in exchange for $120,000 cash.
* Purchased $73,000 of equipment; made a $18,000 down payment and signed a note payable for the balance.
* Made payment of $9,000 on the amount owed for equipment.
(A.) Compute the balance in the Cash account at the end of March.
(B.) What are the total assets of Fieldstone, Inc. at the end of March?
(C.) Compute the balance in the Notes Payable account at the end of March.
(D.) What is the total amount of owners' equity at the end of March?

---

Definitions:

Alternatives

Options or choices available as substitutes for something else.

Double Negatives

A grammatical construction that uses two negative elements to convey a positive assertion indirectly.

Hidden Negatives

Subtle, often overlooked elements that may have a negative impact or convey a negative message.

Arrogant

Exhibiting an overbearing sense of self-importance or superiority.