Park & Company was recently formed with a $5,400 investment in the company by stockholders. The company then borrowed $2,400 from a local bank, purchased $1,040 of supplies on account, and also purchased $5,400 of equipment by paying $2,040 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are:
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Home » Business » Park & Company was recently formed with a $5,400 investment in the company by stockholders. The company then borrowed $2,400 from a local bank, purchased $1,040 of supplies on account, and also purchased $5,400 of equipment by paying $2,040 in cash