The following transactions occurred during may the first, Ask an Expert

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The following transactions occurred during May, the first month of operations for Hunter Products, Inc.:
Issued 50,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash.
Purchased a piece of land for $400,000, making a $150,000 cash down payment and signing a note payable for the balance.
Made a $60,000 cash payment on the note payable from the purchase of land.Purchased equipment on credit from BBW, Inc. for $63,000.

20. Required informationRefer to the information above. What is the balance in the Cash account at the end of May?
$210,000.
$390,000.
$600,000.
$810,000.

21. Required informationRefer to the information above. What are total assets of Hunter Products at the end of May?
$913,000.
$790,000.
$853,000.
$916,000.

22. Required informationRefer to the information above. What is the total of Hunter Products' liabilities at the end of May?
$253,000.
$190,000.
$63,000.
$313,000.

23. Required informationRefer to the information above. What is the total owners' equity at the end of May?
$810,000.
$600,000.
$790,000.
$660,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91730681

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