[The Following Information Applies to the Questions Displayed Below

question 58

Multiple Choice

[The following information applies to the questions displayed below.]
The following transactions occurred during May,the first month of operations for Hunter Products,Inc.:
* Issued 50,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash.
* Purchased a piece of land for $400,000,making a $150,000 cash down payment and signing a note payable for the balance.
* Made a $60,000 cash payment on the note payable from the purchase of land.
* Purchased equipment on credit from BBW,Inc.for $63,000.
-What is the balance in the Cash account at the end of May?

• A)$210,000
• B)$390,000
• C)$600,000
• D)$810,000

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Definitions:

Negligence Per Se

A legal doctrine that declares an act to be inherently negligent because it violates a statute or regulation, thereby causing harm to a person that the statute was intended to protect.

Literal Meaning

The most direct or explicit meaning of a word or text, without interpretation.

Reasonable Person

A hypothetical individual in the law whose behavior serves as a standard for determining the appropriateness of certain actions under particular circumstances.

Societal Expectations

The assumed norms and beliefs held by a society that dictate acceptable behavior and attitudes.