Balance sheet :cash on hand
An incomplete balance sheet for Software Square Company is presented below:
Software Square Company
Balance Sheet
March 31, 2002
Assets Liabilities and Stockholders' Equity
Cash $ ? Notes payable $45,000
Accounts receivable 10,000
Building 50,000
Stockholders' equity
Capital stock $ ?
Retained earnings 11,000
If the firm issued capital stock for cash in the amount of $70,000, then the cash on hand must be :
a. $65,000
b. $66,000
c. $70,000
d. $115,000
e. Cannot be determined from the above information.
I think the answer is 70,000... Am I correct