9) On January 1, Kirk Corporation had total assets of $853,000. During the month

Question

9) On January 1, Kirk Corporation had total assets of $853,000. During the month, the following activities occurred: -. Kirk Corporation acquired equipment costing $6,300, promising to pay cash for it in 60 days. -. Kirk Corporation purchased $3,530 of supplies for cash.-.Kirk Corporation sold land which it had acquired 2 years ago. The land had cost $15,300 and it was sold for 15,300 cash. -. Kirk Corporation signed an agreement to rent additional storage space next month at a charge of $1,030 per month. What is the amount of total assets of Kirk Corporation at the end of the month? $808,700 $859,300 $824,000 $862.830

Explanation / Answer

Answer: $859,300

Kirk Corporation Total Assets on January 1        8,53,000 Acquired equipment              6,300 Supplies purchased for cash No Change Sale of land for cash No Change Total Assets on January 31        8,59,300

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