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Ghella [55]
2 years ago
13

The following transactions occurred during May, the first month of operations for Hunter Products, Incorporated: Issued 50,000 s

hares of capital stock to the owners of the corporation in exchange for $600,000 cash. Purchased a piece of land for $400,000, making a $150,000 cash down payment and signing a note payable for the balance. Made a $60,000 cash payment on the note payable from the purchase of land. Purchased equipment on credit from BBW, Incorporated for $63,000. What is the total of Hunter Products' liabilities at the end of May
Business
1 answer:
NemiM [27]2 years ago
8 0

Answer:

$247,000

Explanation:

Calculation to determine the total of Hunter Products' liabilities at the end of May

Total of Hunter Products' liabilities=(400,000-150,000) - 60,000 + 63,000

Total of Hunter Products' liabilities=250,000 - 60,000 + 63,000

Total of Hunter Products' liabilities=$247,000

Therefore the total of Hunter Products' liabilities at the end of May will be $247,000

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Answer:

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Dr: Notes Receivable $4,800

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Dr: Notes Receivable $4,800

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