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2 February, 00:29

Park & company was recently formed with a $6,900 investment in the company by stockholders in exchange for common stock. the company then borrowed $3,900 from a local bank, purchased $1,190 of supplies on account, and also purchased $6,900 of equipment by paying $2,190 in cash and signing a promissory note for the balance. based on these transactions, the company's total assets are:

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  1. 2 February, 00:32
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    Calculation of Total Assets:

    Total assets based on the given transactions can be calculated as follows:

    Cash Received from Investors $6,900

    Add: Amount Borrowed from Local Bank $3,900

    Add: Supplies Purchased on account $1,190

    Add: Equipment purchased $6,900

    Less: Cash Paid for purchase of equipment - $2,190

    Total Assets = $16,700

    Hence based on the given transactions, the company's total assets are $16,700
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