12.
Question 12
The following table shows the balance of certain accounts on the Holmes, Inc. balance sheet at the end of December 31 and the following three-day period. By December 31, the company had not yet started its primary operations. However, they had begun some minor activities:
|
Balances at the close of… |
Cash |
Inventories |
Fixed Assets* |
A/P |
Bank Loan |
Sh. Equity |
|
Dec, 31 |
11,000 |
14,000 |
15,000 |
5,000 |
8,000 |
27,000 |
|
Jan, 3 |
7,000 |
14,000 |
15,000 |
1,000 |
8,000 |
27,000 |
|
Jan, 4 |
12,000 |
14,000 |
15,000 |
1,000 |
13,000 |
27,000 |
|
Jan, 5 |
8,000 |
20,000 |
15,000 |
3,000 |
13,000 |
27,000 |
*Fixed assets is the same as non-current assets.
What activity took place on January 5?
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