A company\'s January 1, 2014 balance sheet reported total assets of $162,000 and

Question

A company's January 1, 2014 balance sheet reported total assets of $162,000 and total liabilities of $66,000. During January 2014, the company completed the following transactions: (A) paid a note payable using $16,000 cash (no interest was paid); (B) collected a $15,000 accounts receivable; (C) paid a $6,200 accounts payable; and (D) purchased a truck for $6,200 cash and by signing a $26,000 note payable from a bank. The company's January 31, 2014 balance sheet would report which of the following?

      Assets          Liabilities        Stockholders' Equity

A. $172,000         $85,800           $86,200

B. $165,800         $69,800           $96,000

C. $188,000         $120,400         $67,600

D. $162,000          $66,000          $96,000

Explanation / Answer

Answer Option B: $165,800         $69,800           $96,000

Worksheet:

Transaction assets liabilities Equity 162000 66000 96000 A -16000 -16000 B -15000 15000 C -6200 -6200 D 32200 26000 -6200 165800 69800 96000

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