Required information The following information applies to the questions displaye

Question

Required information The following information applies to the questions displayed below The following transactions occurred during May, the first month of operations for Hunter Products, Inc: Issued 54,000 shares of capital stock to the owners of the corporation in exchange for $648,000 cash. 'Purchased a piece of land for $440,000, making a $170.00o cash down payment and signing a note payable for the balance Made a $64,000 cash payment on the note payable from the purchase of land. Purchased equipment on credit from BBW. Inc. for $67000 Vhat is the balance in the Cash account at the end of May Multiple Choice $648,000 414,000 $882.000 O $234,000

Explanation / Answer

Solution: $414,000

Working:

Capital stock issued 648,000 Purchased of land -170,000 Notes payable -64,000 Cash at the end of May 414,000

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