At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts...
At December 31, Year 1, the accounting records of Braun Corporation contain the following items:
| Accounts Payable | $ 13,500 | Accounts Receivable | $ 35,000 |
|---|---|---|---|
| Land | $ 235,000 | Cash | ? |
| Capital Stock | ? | Equipment | $ 115,000 |
| Building | $ 175,000 | Notes Payable | $ 185,000 |
| Retained Earnings | $ 155,000 |
If Capital Stock is $255,000, what is the December 31, Year 1 cash balance?
Multiple Choice
-
$83,500.
-
$608,500.
-
$91,500.
Homework Answers
Assets - Liabilities = Equity
(Land + Building + Accounts receivable + Cash + Equipment) - (Accounts payable + Notes payable) = (Capital stock + Retained earnings)
($235,000 + $175,000 + $35,000 + Cash + $115,000) - ($13,500 + $185,000) = ($255,000 + $155,000)
(Cash + $560,000) - $198,500 = $410,000
Cash = $48,500
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At December 31, Year 1, the accounting records of Braun
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