Question

Wiley Hill opened Hill's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Wiley, the sole stockholder, invested $37.000 cash in the business in exchange for common stock 2 Wiley contributed $112.000 of equipment to the business in exchange for common stock 3. The company paid $3,200 cash to rent office space for the month of March. 4. The company received $28,000 cash for repair services provided during March 5. The company paid $7.400 for salaries for the month of March 6. The company provided $4,200 of services to customers on account 7. The company paid cash of $1700 for utilities for the month of March 8. The company received $4,300 cash in advance from a customer for repair services to be provided in April 9. The company paid Wiley $6.200 cash as a dividend. Based on this information, total stockholder's equity reported on the balance sheet at the end of March would be: Multiple Choice 0 0 0 $7.200 0

Answer 1

Correct answer----------$162,700

Working

Transactions	Revenue	Expenses	Dividends	Common stock
1				$      37,000.00
2				$ 1,12,000.00
3		$        3,200.00
4	$    28,000.00
5		$        7,400.00
6	$      4,200.00
7		$        1,700.00
8 (Not a revenue)
9			$    6,200.00
TOTALS	$    32,200.00	$      12,300.00	$    6,200.00	$ 1,49,000.00

.

Revenues	$      32,200.00
Less: Expenses	$   (12,300.00)
Net income during March	$      19,900.00

.

Net income during March	$      19,900.00
Add: Common stock	$ 1,49,000.00
Less: Dividends	$      (6,200.00)
Net stockholder's equity	$ 1,62,700.00