During Its First Month of Operations, Saturn Company (1) Borrowed

Multiple Choice

During its first month of operations, Saturn Company (1) borrowed $200,000 from a bank, and then (2) purchased an equipment costing $80,000 by paying cash of $40,000 and signing a long term note for the remaining amount. During the month, the company also (3) purchased inventory for $60,000 on credit, (4) performed services for clients for $120,000 on account, (5) paid $30,000 cash for accounts payable, and (6) paid $60,000 cash for utilities.
What is the amount of total liabilities at the end of the month?

A) $190,000
B) $270,000
C) $250,000
D) $330,000