[The Following Information Applies to the Questions Displayed Below

question 115

Multiple Choice

[The following information applies to the questions displayed below.]
The following transactions occurred during March,the first month of operations for Quality Galleries,Inc.:
* Capital stock was issued in exchange for $360,000 cash.
* Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance.
* Made a $35,000 cash payment on the note payable from the purchase of equipment.
* Sold a piece of equipment for cash of $18,000.The equipment was sold at cost,so there is no gain or loss on the sale.
-What is the total owners' equity at the end of March?

• A)$283,000
• B)$445,000
• C)$480,000
• D)$360,000

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Definitions:

GPI

Genuine Progress Indicator, an alternative to GDP that measures economic progress by also considering environmental degradation and social factors.

GDP

The total market value of all final goods and services produced within a country's borders in a specified time period.

Depreciation

The process by which physical assets lose value over time due to use, wear and tear, or obsolescence.

GDP

Gross Domestic Product quantifies the complete market or monetary valuation of all end products and services fabricated within a nation's perimeter during a distinct interval.