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At December 31, 2014 the accounting records of Gordon, Inc. contain the following items:
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14. Award: 2.20 out of 2.20 points
Refer to the information above. If the Notes Payable is $10,000, the December 31, 2014 cash balance is:
$60,000.
$20,000.
$160,000.
$30,000.
A/P ($2,500) + N/P ($10,000) + Capital Stock ($12,500) + R.E. ($125,000) = $150,000
Cash (?) + A/R ($18,750) + Land ($30,000) + Building ($31,250) + Equipment ($40,000) = $150,000
Cash = $30,000
15. Award: 2.20 out of 2.20 points
Refer to the information above. If the Notes Payable balance is $25,000, then the total assets of Gordon, Inc. at December 31, 2014 amount to:
$120,000.
$152,500.
$165,000.
$27,500.
A/P ($2,500) + N/P ($25,000) + Capital Stock ($12,500) + R.E. ($125,000) = $165,000
Total Assets = $165,000