Bledsoe Company acquired $24,000 cash by issuing common stock on January 1, Year 1. During...
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Bledsoe Company acquired $24,000 cash by issuing common stock on January 1, Year 1. During Year 1, Bledsoe earned $9,400 of revenue on account. The company collected $7,800 cash from customers in partial settlement of its accounts receivable and paid $6,300 cash for operating expenses. Based on this information alone, what was the impact on total assets during Year 1?
Multiple Choice - Total assets increased by $1,500.
- Total assets increased by $34,900.
- Total assets did not change.
- Total assets increased by $27,100.
Bledsoe Company acquired $24,000 cash by issuing common stock on January 1, Year 1. During Year 1, Bledsoe earned $9,400 of revenue on account. The company collected $7,800 cash from customers in partial settlement of its accounts receivable and paid $6,300 cash for operating expenses. Based on this information alone, what was the impact on total assets during Year 1?
Multiple Choice
- Total assets increased by $1,500.
- Total assets increased by $34,900.
- Total assets did not change.
- Total assets increased by $27,100.
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