9 The following transactions occurred during March, the first month of operations for QualityGalleries, Incorporated: Capital stock was issued in exchange for $356,000 cash. • Purchased $172,000 of equipment by making a $56,000 cash down payment and signing a note payable forthe balance. • Made a $33,000 cash payment on the note payable from the purchase ofequipment. Sold a piece of equipment for cash of $14,000. The equipment was sold at cost, sothere is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March?Group of answer choices $472,000 $281,000 $158,000 $439,000

In the given case, Total Assets includes both cash and machinery.

Answered: there is no gain or loss on the sale.…

there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March? Group of answer choices $472,000 $281,000 $158,000 $439,000

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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