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A publicly-traded company in its very first month of operations, issued capital stock. At the end of this first month the companys total assets were

A publicly-traded company in its very first month of operations, issued capital stock. At the end of this first month the companys total assets were LESS THAN its total liabilities. Explain whether or not the company generated net income (profit) for the first month. Could you be clear and thorough in explanation. Any assumptions arose during the process?

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