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

question 141

Essay

Computation of assets,liabilities,and owners' equity after a series of transactions
The December 31,2017 balance sheet of Charles Realty reported total assets of $900,000,total liabilities of $350,000,and owners' equity of $550,000.The following transactions occurred in January of 2018:
(1)The business purchased land for $250,000,paying $100,000 cash and issuing a note payable for the balance.
(2)The business collected accounts receivable totaling $45,000.
(3)The business sold land costing $50,000 for $60,000 cash.
(4)The business paid $50,000 of the note payable.
Compute the following at January 31,2018:
(A. )Total assets
(B. )Total liabilities
(C. )Owners' equity

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Definitions:

Gift-In-Kind

A type of donation other than cash, such as goods, services, or time, provided to a nonprofit organization.

Advancement Officer

A professional responsible for developing strategies to secure resources, usually through fundraising and donations, to further an organization's mission.

Fund-Raising Process

The sequence of activities and strategies employed to secure financial contributions to support an organization's objectives.

Individual Donors

People who give money or other resources to an organization voluntarily, often to support its mission or activities.