Reference no: EM132462200

Question 1: On January 1, Choco-Delite Cookies Company (Choco) had total assets of $850,000. During the month, the following activities occurred:

Point 1: Choco acquired equipment costing $6,000, promising to pay cash for it in 60 days.

Point 2: Choco purchased $3,500 of supplies for cash.

Point 3: Choco sold land which it had acquired 2 years ago. The land had a cost of $15,000 and it was sold for $15,000 cash.

Point 4: Choco signed an agreement to rent additional space next month at a charge of $1,000 per month.

problem 1: What is the amount of total assets for Choco at the end of month?

Multiple Choice

$856,000.
$837,500.
$859,000.
$840,000