Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $54,000 2) borrowed $32,000 from its bank 3) provided consulting services for $52,000 4) paid back $22,000 of the bank loan 5) paid rent expense for $12,500 6) purchased equipment costing $19,000 7) paid $3700 dividends to stockholders 8) paid employees' salaries, $28,000 What is Yowell's ending notes payable balance?
A. $32,000
B. $22,000
C. $0
D. $10,000
Answer: D
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