View the step-by-step solution to:

following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: Issued 10,000 shares of common stock for $15,000...

following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012:

1. Issued 10,000 shares of common stock for $15,000 cash.
2. Purchased land for $12,000, signing a note payable for the full amount.
3. Purchased office equipment for $1,200 cash.
4. Received cash of $14,000 for services provided to customers during the month.
5. Purchased $300 of office supplies on account.
6. Paid employees $10,000 for their first month's salaries.

What was the balance of Gotebo's Cash account following these six transactions?
$29,800.
$19,300.
$17,800.
$22,400.
What was the total amount of Gotebo's liabilities following these six transactions?
$12,300.
$27,300.
$22,600.
$15,500.

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question