Question
Park & Company was recently formed with a $5,000 investment in the company by shareholders in exchange for common shares. The company then borrowed $2,000
Park & Company was recently formed with a $5,000 investment in the company by shareholders in exchange for common shares. The company then borrowed $2,000 from a local bank, purchased $1,000 of supplies on account, and also purchased $5,000 of equipment by paying $2,000 in cash and signing a promissory note for the balance.
Based on these transactions, calculate the company's total assets.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
11th Canadian edition Volume 2
1119048540, 978-1119048541
