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…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Park & Company was recently formed with a $6,000 investment in the company by stockholders in exchange for common stock. The company then borrowed $3,000 from a local bank, purchased $1,100 of supplies on account, and also purchased $6,000 of equipment by paying $2,100 in cash and signing a promissory note for the balance. Based on these transactions, the company's total assets are
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The Pioneer Company has provided the following account balances: Cash $38,100; Short-term investments $4,100; Accounts receivable $48,500; Supplies $6,100; Long-term notes receivable $2,100; Equipment $96,500; Factory Building $181,000; Intangible assets $6,100; Accounts payable $29,900; Accrued liabilities payable $3,950; Short-term notes payable $14,200; Long-term notes payable $92,500; Common stock $181,000; Retained earnings $60,950. What are Pioneer's total current assets?
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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