Reference no: EM132965009

Question - In March 2017, Simon Becker and several investors established a business to provide football training services. The business began operations immediately. Transactions during the month of March were as follows:

Mar. 2 Becker invested $80,000 in the business in exchange for capital stock.

Mar. 4 Purchased a truck for $60,000. Made a $10,000 cash down payment and issued a note payable for the remaining balance.

Mar. 14 Billed customers $9,500 for services performed during the first half of March.

Mar. 15 Paid $6,700 in salaries earned by employees during the first half of March.

Mar. 19 Paid Joe's Auto $800 for maintenance and repair services on the company truck.

Mar. 20 Collected $4,200 of the amounts billed to customers on March 14.

Mar. 28 Billed customers $12,200 for services performed during the second half of the month.

Mar. 29 Paid Neck Properties $6,000 to rent office space for the month March.

Mar. 30 Paid $7,200 in salaries earned by employees during the second half of the month.

Mar. 30 Received a $720 bill from MEDCO Petroleum for fuel purchased in March. The entire amount is due by April 15.

Mar. 30 Dividends of $1,000 were declared to stockholders, payable on April 15.

Required -

a. Calculate the amount of cash on hand at the end of March.

b. Calculate the amount of total equity at the end of March.