Computation of Assets,liabilities,and Owners' Equity After a Series of Transactions

question 41

Essay

Computation of assets,liabilities,and owners' equity after a series of transactions
On April 30,2014,the balance sheet of China Collectibles showed total assets of $700,000,total liabilities of $400,000,and owners' equity of $300,000.The following transactions occurred in May of 2014:
(1)Capital stock 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 $70,000 of its accounts payable.
(4)The business collected $54,000 of its accounts receivable.
Compute the following as of May 31,2014:
(A.)Total assets $____________
(B.)Total liabilities $____________
(C.)Owners' equity $____________

---

Definitions:

President Pro Tempore

A high-ranking senator in the U.S. Senate who presides over the Senate in the absence of the Vice President, often the most senior member of the majority party.

Senate Majority Whip

An official in the United States Senate tasked with maintaining party discipline, counting votes and ensuring attendance of party members for critical votes.

Vice President

The Vice President is the second-highest executive officer in the government of the United States, who serves as the President of the Senate and is next in line to assume the presidency in the event of the president's death, resignation, or removal from office.

House of Representatives

The lower chamber of the United States Congress, with members elected to represent geographic districts and serve two-year terms.