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Origins Corporation started in business on January 1, 2020. Following are some of its transactions through March 31: 1/1/20 - Stockholders paid a total of
Origins Corporation started in business on January 1, 2020. Following are some of its transactions through March 31: 1/1/20 - Stockholders paid a total of $12,000 to purchase stock in Origins Corporation. 1/1/20 - The company borrowed $20,000 from a local bank and agreed to pay back $24,000 on January 1, 2022. 2/11/20 - Bought $7,000 of inventory on account. Origins will pay on April 10th. 3/06/20 - Sold $3,000 of inventory for $11,000, half in cash and half on account. 3/26/20 - Collected $2,000 of accounts receivable. 3/29/20 - Received utility bill for the first quarter of $1,400. This will be paid in April. How much were Origins' long-term liabilities at March 31, 2020
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