A company's January 1, 2014 balance sheet reported total assets of $119,000 and total liabilities of $40,000. During January 2014, the following transactions occurred: (A) the company issued stock and collected cash totaling $29,000; (B) the company paid an account payable of $5,900; (C) the company purchased supplies for $2,100 with cash; (D) the company purchased land for $49,000 paying $10,000 with cash and signing a note payable for the balance. What is total stockholders' equity after the transactions above?

A. $192,100

B. $79,000

C. $29,000

D. $108,000.

Question

Business

Lane Fletcher

23 February, 19:42

A company's January 1, 2014 balance sheet reported total assets of $119,000 and total liabilities of $40,000. During January 2014, the following transactions occurred: (A) the company issued stock and collected cash totaling $29,000; (B) the company paid an account payable of $5,900; (C) the company purchased supplies for $2,100 with cash; (D) the company purchased land for $49,000 paying $10,000 with cash and signing a note payable for the balance. What is total stockholders' equity after the transactions above?

A. $192,100

B. $79,000

C. $29,000

D. $108,000.

+3

Answers (1)

Know the Answer?

Elliott Stone · Answer 1

The Correct Option for the given scenario is D " $108,000".

Explanation:

January 1, 2014 Balance Sheet reported total assets = $119,000

Less: January 1, 2014 Balance Sheet reported total Liabilities = $40,000

The Stockholder Equity = $79,000

Add: The company issued stock and collected cash totaling = $29,000

The total stockholders' equity after the transactions above = $108,000