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What is the balance in the cash account at the end of may

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Reference no: EM132842499

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

  1. Issued 53,000 shares of capital stock to the owners of the corporation in exchange for $636,000 cash.
  2. Purchased a piece of land for $430,000, making a $165,000 cash down payment and signing a note payable for the balance.
  3. Made a $63,000 cash payment on the note payable from the purchase of land.
  4. Purchased equipment on credit from BBW, Incorporated for $66,000.

Problem 1: What is the balance in the Cash account at the end of May?

Multiple Choice

Option 1: $408,000

Option 2: $864,000

Option 3: $228,000

Option 4: $636,000

Reference no: EM132842499

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