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the following transactions relate to Max’s business:
May
1 Purchase of goods $300
2 Max injects Long term capital $1400
3 Payment of rent made $750
5 Withdraw cash from business $400
7 Sales made on credit $1200
(goods originally cost $600)
At start of the week, the assets of the business were $15700 and liabilities amounted to $11200
At the end of the week, what is the amount of Max’s capital?
A$5350
B$1400
C$850
D$1000
Plse Help
ThanksAssets – Liabilities = Capital
Assets open 15700
stock 300
cash 1400
Rent (750)
Drawings (400)
Receivable 1200
Stock (600)
Liabilites(11200+300 stock prucased) (11500) = 5350
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