The following transactions occurred during March, the first month of operations for Canyon Products, Inc.: 1....
The following transactions occurred during March, the first
month of operations for Canyon Products, Inc.:
1. Issued 50,000 shares of capital stock in exchange for $600,000
cash.
2. Purchased land for $400,000, using a $150,000 cash down payment
and signing a note payable for the balance.
3. Made a $60,000 cash payment on the note payable from the
purchase of land.
4. Purchased equipment on credit from Burton, Inc. for
$63,000.
What is the balance in the Cash account at the end of March?
a.$210,000
b.$390,000
c.$810,000
d.$600,000
Homework Answers
|
Cash account at the end of March = Capital stock issued - Land purchased - Note payable = 600,000 - 150,000 - 60,000 = 390,000 Option B is the answer |
|||
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The following transactions occurred during March, the first
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