A business started with cash of $25,000, borrowed $15,000 froma bank, and the owner invested equipment worth $10,000. What isthe total amount of assets at the start of the business? a)$40,000 b) $50,000 c) $35,000 d) $45,000

Step 1: Assets are the resources of the firm that will be used by the business to operate…

Answered: A business started with cash of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4TP: You are considering two possible companies for investment purposes. The following data is available...

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Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.
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A business started with cash of $25,000, borrowed $15,000 from a bank, and the owner invested equipment worth $10,000. What is the total amount of assets at the start of the business? a) $40,000 b) $50,000 c) $35,000 d) $45,000