Reference no: EM132651257
Question - ABC Company entered into the following transactions during May, its first month of operations:
May 1: ABC Company sold common stock to owners in the amount of $200,000.
May 3: ABC Company purchased a parcel of land costing $60,000 by paying $25,000 in cash and agreeing to pay the remainder within sixty days.
May 9: ABC Company provided $23,000 of services to a customer. The customer didn't pay any cash on May 9, but agreed to pay the balance due by the end of the month.
May 15: ABC Company received and paid utility bills in the amount of $14,000.
May 18: ABC Company sold the land purchased on May 3 for $97,000 cash.
May 21: A customer paid $20,000 cash to ABC Company for services to be provided in June and July.
May 27: The customer from May 9 paid the amount owed to ABC Company.
May 31: ABC Company received a $9,000 bill for advertising done during May. No payment was made at this time.
May 31: ABC Company paid $36,000 cash for office rent for May, June, and July.
Required - Calculate ABC Company total assets at May 31.