Question

0 Required information The following information applies to the questions displayed below Mulkeen Service Company, Inc., was incorporated by Conor Mulkeen and five other managers. The following activities Part 2 of 3 occurred during the year a. Received $78,000 cash from the managers: each was issued 2,200 shares of common stock. b Purchased equipment for use in the business at a cost of $17,400; one-fourth was paid in cash and the company signed a note for the balance (due in six months) c Signed an agreement with a cleaning service to pay it $145 per week for cleaning the corporate offices, beginning next year d. Conor Mulkeen borrowed $30,000 for personal use from a local bank, signing a one-year note. 2. Using the balances in the T-accounts, fill in the following amounts for the accounting equation:

Answer 1

91050 13050 78000 Liabilities Shareholders Equity 78,000.00 Assets a) lb) 78,000.00 13,050.00 13,050.00 d) 91,050.00 13,050.00 78,000.00