The following transactions occurred during June, the first month of operations for Accurate Manufacturing: Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash. • Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance. • Made a $100,000 cash payment on the note payable from the purchase of land. • Purchased equipment on credit from National Supply for $40,000. Refer to the above data: What are total liabilities of Accurate Manufacturing at the end of June O $200,000 O $110,000 O $70,000 O $240,000

The following transactions occurred during June, the first month of operations for Accurate Manufacturing: Issued 60,000 shares of capital stock to the owners of the corporation in exchange for $600,000 cash. • Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance. • Made a $100,000 cash payment on the note payable from the purchase of land. • Purchased equipment on credit from National Supply for $40,000. Refer to the above data: What are total liabilities of Accurate Manufacturing at the end of June O $200,000 O $110,000 O $70,000 O $240,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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