Reference no: EM132472699
Problem - On May 1, Joseph Carpenter opened a printing business, Carpenter Printing Incorporated. Joseph invested $40,000 of his savings, plus $74,000 in printing equipment, in exchange for capital stock of the business. The monthly depreciation on the printing equipment is estimated to be $1,200.
On May 2, Carpenter Printing rented office space, issuing a check for $16,500, paying the first three months' rent in advance.
On May 2, Carpenter Printing purchased a 12 month umbrella insurance policy, issuing a check for $4,800.
On May 7, Carpenter Printing purchased supplies on account for $10,000, $1,400 of which will be unused at the end of May.
On May 9, Carpenter Printing printed $13,000 in magazines for the Pierre Company. The magazines were delivered on May 9, along with an invoice for $7,500 due June 9. The remaining $5,500 will be invoiced in June and will be due on July 9.
On May 20, Cecil Advertising Agency paid Carpenter Printing $12,000 ($7,000 to print advertisements in May and $5,000 to print advertisements in June). On May 30, $7,000 of advertisements were printed and delivered.
On May 30, dividends of $1,000 were paid.
Required - Assuming no further transactions, Calculate the Total Assets on the Balance Sheet of Carpenter Printing Incorporated As of May 31?
a. 133,500
b. 127,900
c. 132,300
d. 129,100
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