[The Following Information Applies to the Questions Displayed Below

question 31

Multiple Choice

[The following information applies to the questions displayed below.]
The following transactions occurred during March,the first month of operations for Quality Galleries,Inc.:
* Capital stock 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.
-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:

Contract

A legally enforceable agreement between two or more parties with mutual obligations.

Terminated

Ended or concluded, often referring to the cessation of employment, contracts, or legal agreements.

Obligations

Duties or responsibilities imposed by law, contract, or one's conscience.

Discharged

Released or freed from a legal, financial, or other obligation.