Question
You and a friend each put in $20,000 to capitalize the corporation (and you each get 10,000 shares). Thats $40,000 total. You buy a truck
You and a friend each put in $20,000 to capitalize the corporation (and you each get 10,000 shares). Thats $40,000 total.
You buy a truck for $20,000.
You take out a loan for $5,000 in cash.
What does the balance sheet look like? Explain each transaction as a separate event. At the end, what are your total assets? What are your total liabilities? What is your shareholder equity?
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Accounting And Order
Authors: Mahmoud Ezzamel
1st Edition
0415482615, 978-0415482615
