Question
[The following information applies to the questions displayed below.] A company was formed with $61,800 cash contributed by its owners in exchange for common stock.
[The following information applies to the questions displayed below.]
A company was formed with $61,800 cash contributed by its owners in exchange for common stock. The company borrowed $31,800 from a bank. The company purchased $11,800 of inventory and paid cash for it. The company also purchased $71,800 of equipment by paying $10,000 in cash and issuing a note for the remainder. |
What is the amount of the total assets to be reported on the balance sheet?
$155,400
$81,800
$165,400
$93,600
What is the amount of the total liabilities to be reported on the balance sheet?
$61,800
$93,600
$0
$81,800
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