Reference no: EM132560277

Question - If 1/1/X1 total assets amount to $105,000 and the company completed the following transactions in January 20X1:

1. Owners made capital contributions of $10,000.

2. Inventory which was originally purchased and recorded in November of the previous year at a cost of $35,000 is sold on account for $50,000.

3. Land was purchased at a price of $25,000 with a cash down payment of $12,000 cash and a $13,000 note payable providing for payment of principal and interest in 60 days.

4. Paid utility bills, amounting to $1,000.

Required - Calculate the amount of total assets at 1/31/X1.

a. $189,000

b. $154,000

c. $91,000

d. $142,000

e. None of these