Question
Hannigan Corp. started a new business on October 1, 2021. That same day, Hannigan Corp. also received $570,000 of cash from issuing common stock and
Hannigan Corp. started a new business on October 1, 2021. That same day, Hannigan Corp. also received $570,000 of cash from issuing common stock and borrowed $290,000 from a friend. On October 1, 2021 Hannigan Corp. also purchased equipment for $367,200. The equipment has a useful life of 108 months. On October 1, 2021, Hannigan also paid $228,000 of cash to rent office space for a 60 month period. During 2021, the Company provided services valued at $129,000 and had collected $103,200 of that amount at year-end. The company will collect the remaining portion in the following year.The company's payroll for 2021 was $60,000, which was paid in full during 2021. Use this information to find the company's balance of total assets as of 12/31/2021?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started