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

question 2

Multiple Choice

The following transactions occurred during March, the first month of operations for Quality Galleries Limited:
* Share Capital 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.

-Refer to the above data. What are total assets of Quality Galleries at the end of March?

• A) $283,000.
• B) $162,000.
• C) $445,000.
• D) $480,000.

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Definitions:

Psychological Abnormality

A deviation from what is considered a normal range in mental state or behavior by societal standards, often indicating a potential mental disorder or illness.

Subculture of Violence Theory

A theory suggesting that violence is a learned form of behavior that is more prominent within certain groups or subcultures in society.

Interpersonal Problems

Issues arising from interactions between individuals that can lead to conflicts or disagreements.

Juvenile Killings

Homicidal acts committed by individuals who are legally considered minors.