A company's January 1, 2016 balance sheet reported total assets of $120,000 and total liabilities of $40,000. During January 2016, the following transactions occurred: (A) the company issued stock and collected cash totaling $30,000; (B) the company paid an account payable of $6,000; (C) the company purchased supplies for $1,000 with cash; (D) the company purchased land for $60,000 paying $10,000 with cash and signing a note payable for the balance. What is total stockholders' equity after the transactions above?

Question

Quizplus · Accepted Answer

The Answer of A company's January 1, 2016 balance sheet reported total assets of $120,000 and total liabilities of $40,000. During January 2016, the following transactions occurred: (A) the company issued stock and collected cash totaling $30,000; (B) the company paid an account payable of $6,000; (C) the company purchased supplies for $1,000 with cash; (D) the company purchased land for $60,000 paying $10,000 with cash and signing a note payable for the balance. What is total stockholders' equity after the transactions above?

A Company's January 1, 2016 Balance Sheet Reported Total Assets