Computation of Assets, Liabilities, and Equity After a Series of Transactions

question 20

Essay

Computation of assets, liabilities, and equity after a series of transactions
On April 30, 2009, the balance sheet of China Collectibles showed total assets of $700,000, total liabilities of $400,000, and equity of $300,000. The following transactions occurred in May of 2009:
(1) Share capital was issued in exchange for $165,000 cash.
(2) The business purchased equipment for $360,000, paying $160,000 cash and issuing a note payable for $200,000.
(3) The business paid off $70,000 of its accounts payable.
(4) The business collected $54,000 of its accounts receivable.
Compute the following as of May 31, 2009:
(A.) Total assets $___________
(B.) Total liabilities $___________
(C.) Equity $___________

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Definitions:

Heteronormative

A worldview that promotes heterosexual relationships as the normal or preferred societal standard, often marginalizing other forms of sexual orientation and expression.

Masculinity

A set of attributes, behaviors, and roles associated with boys and men.

Femininity

A set of attributes, behaviors, and roles generally associated with girls and women, often culturally defined.

Female Sexual Scripts

Cultural, social, and interpersonal guides that shape the sexual behavior and perceptions of women.