[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:

Short Interest

The total number of shares of a particular stock that have been sold short by investors but have not yet been covered or closed out.

Bearish Signal

An indication in financial markets suggesting that the price of an asset may decline.

Bullish Signal

An indicator that suggests an asset’s price is likely to rise. These signals are perceived through various forms of market analysis, including technical indicators and trends.

Relative Strength

A measure of the performance of a stock or financial asset compared to a market index or other stocks over a certain period.