Question

The following transactions occurred during May, the first month of operations for XYZ Company:

1. Sold common stock to owners for $100,000 cash

2. Purchased $50,000 of equipment by making a $20,000 cash down payment and signing a note payable for the balance

3. Made a $13,000 cash payment on the note payable from the purchase of equipment

4. Sold a piece of equipment for cash of $15,000. The equipment was sold at cost, so there is no gain or loss on the sale

Calculate the balance in the cash account at the end of May. Do not use decimals in your answer.