The Following Transactions Occurred During May, the First Month of Operations

question 101

Multiple Choice

The following transactions occurred during May, the first month of operations for Hunter Products Limited:
* Issued 50,000 shares of share capital 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 Limited for $63,000.

-Refer to the above data. What are total assets of Hunter Products at the end of May?

• A) $913,000.
• B) $790,000.
• C) $853,000.
• D) $916,000.

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Definitions:

Sensory Experiences

Perceptions or interactions involving the senses (sight, sound, smell, taste, and touch) that form the basis of human experience.

Pattern Theory

The proposal that different sensory qualities are encoded by specific patterns of firing among the relevant neurons.

Signal-Detection Experiment

A research method used to assess the ability to differentiate between information-bearing patterns and random patterns.

Miss

To fail to hit, reach, catch, or otherwise make contact with someone or something.