Multiple Choice
During its first month of operations, Lavender Company (1) borrowed $600,000 from a bank, and then (2) purchased an equipment costing $240,000 by paying cash of $120,000 and signing a long term note for the remaining amount. During the month, the company also (3) purchased inventory for $180,000 on credit, (4) performed services for clients for $360,000 on account, (5) paid $90,000 cash for accounts payable, and (6) paid $180,000 cash for utilities.
What is the amount of total assets at the end of the month?
A) $990,000
B) $570,000
C) $810,000
D) $750,000
Correct Answer:
Verified
Correct Answer:
Verified
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