[The Following Information Applies to the Questions Displayed Below

question 115

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 is the total owners' equity at the end of March?

• A)$283,000
• B)$445,000
• C)$480,000
• D)$360,000

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Definitions:

Rapid Growth

A phase of economic expansion characterized by a significant increase in the GDP, income, and employment.

Inflation Targets

specific and publicly announced goals for the annual rate of inflation that central banks aim to achieve over a particular time frame.

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time, indicating improvements in living standards and economic health.

International Competitiveness

The ability of a country to produce goods and services at a lower price and higher quality than its international competitors.