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H3Ko H3Ko
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7 years ago
Merchant Corporation provides plumbing services. Transactions of Merchant during the first year of operations are given below.

a)   Received $12,000 cash and issued common stock to Sharon.
b)   Paid $1,600 cash for equipment to be used for plumbing repairs.
c)   Borrowed $14,000 from a local bank and deposited the money in the checking account.
d)   Paid $600 rent for the year.
e)   Purchased $200 of office supplies by cash.
f)   Completed a plumbing repair project for a local lawyer and received $3,000 cash.

Calculate the amount of total liabilities at the end of the first year.
A) $3,000
B) $12,000
C) $24,400
D) $14,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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H3Ko Author
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#2
7 years ago
I just realized you had posted this! Thanks so much
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7 years ago
I'm liking this Slight Smile
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4 years ago
Thank you
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3 years ago
thnk
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