CVS Health Corp. had the following transactions during January, the first month of its operations:...

80.2K

Verified Solution

Question

Accounting

image
CVS Health Corp. had the following transactions during January, the first month of its operations: - Issued 20,000 shares of common stock in exchange for $280,000. - Purchased equipment for $560,000, using a $140,000 cash down payment and signing a note payable for the balance. - Received $3,500 from a customer for services to be performed in February. - Made a $42,000 payment on the note payable from the purchase of the equipment. - Total monthly sales: Cash sales $105,000 Credit Sales (Acct. Receivable): $50,400 - Purchased supplies on credit for $44,800. - Collected $16,800 from customers on account. - Paid \$3,500 for January employee wages. - Received a utility bill for $1,300 which will be paid next month. What is Total Stockholders' Equity at the end of January? Select one: a. $434,100 b. $381,500 c. $178,600 d. $326,900 e. $430,600

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students