[The Following Information Applies to the Questions Displayed Below

question 54

Multiple Choice

[The following information applies to the questions displayed below.]
The following transactions occurred during May,the first month of operations for Hunter Products,Inc.:
* Issued 50,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash.
* Purchased a piece of land for $400,000,making a $150,000 cash down payment and signing a note payable for the balance.
* Made a $60,000 cash payment on the note payable from the purchase of land.
* Purchased equipment on credit from BBW,Inc.for $63,000.
-What are total assets of Hunter Products at the end of May?

• A)$913,000
• B)$790,000
• C)$853,000
• D)$916,000

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Definitions:

Civil Rights Act Of 1964

A landmark piece of US legislation that outlawed discrimination based on race, color, religion, sex, or national origin, paving the way for equal employment opportunities.

Holder in Due Course

A legal term referring to a party that has acquired a negotiable instrument in good faith and for value and thus has certain protections against defenses and claims that could be asserted against the transferor.

Personal Defenses

Legal arguments or claims that an individual can use personally to avoid enforcement of a contract or legal obligation against them.

Contractual Defenses

Legal arguments that can be used to challenge the enforceability of a contract.