What is the cash balance at the end of the week

Reference no: EM132720569

Question - For the remaining questions, please consider the following transactions that happened upon the incorporation of Berry Company by its owner, John Berry, during the first week of January:

It received €50,000 in cash from John Berry as capital.

It borrowed €30,000 from a local bank.

It purchased €15,000 of equipment for cash.

It purchased €20,000 of inventory on account.

It pre-paid €3,000 for the office rent and €2,000 for the insurance.

1. What is the cash balance at the end of the week?

€60,000

€80,000

€40,000

€50,000

2. What are the total current assets at the end of the week?

€80,000

€75,000

€85,000

€90,000

3. What are the total liabilities at the end of the week?

€20,000

€30,000

€100,000

€50,000

4. What are the total assets at the end of the week?

€15,000

€100,000

€80,000

€50,000

Reference no: EM132720569

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