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9 October, 02:02

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $54,000 2) borrowed $32,000 from its bank 3) provided consulting services for $52,000 4) paid back $22,000 of the bank loan 5) paid rent expense for $12,500 6) purchased equipment costing $19,000 7) paid $3700 dividends to stockholders 8) paid employees' salaries, $28,000 What is Yowell's ending notes payable balance? $22,000 $0 $10,000 $32,000

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  1. 9 October, 04:33
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    Answer: Option (C) is correct.

    Explanation:

    Given that,

    Issued stock = $54,000

    Borrowed from bank = $32,000

    Provided consulting services = $52,000

    Paid back bank loan = $22,000

    Paid rent expense = $12,500

    Purchased equipment = $19,000

    Paid dividend = $3700

    Salaries paid = $28,000

    Ending notes payable balance = Borrowings from bank - Repayments

    = $32,000 - $22,000

    = $10,000
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