Assume a new company had the following transactions for Day 1 and then immediately prepared a balance sheet. Compute the company’s total “Current Assets”. - They borrowed $105 from the bank to be repaid with 8% in 10 years. - They used $86 of the cash from the loan for a new delivery truck - They purchased $16 of inventory on account And they expect to sell the inventory within the next 90 days. What is their total current assets?
Assume a new company had the following transactions for Day 1 and then immediately prepared a balance sheet. Compute the company’s total “Current Assets”. - They borrowed $105 from the bank to be repaid with 8% in 10 years. - They used $86 of the cash from the loan for a new delivery truck - They purchased $16 of inventory on account And they expect to sell the inventory within the next 90 days. What is their total current assets?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume a new company had the following transactions for Day 1 and then immediately prepared a balance sheet . Compute the company’s total “Current Assets”.
- They borrowed $105 from the bank to be repaid with 8% in 10 years.
- They used $86 of the cash from the loan for a new delivery truck
- They purchased $16 of inventory on account
And they expect to sell the inventory within the next 90 days.
What is their total current assets?
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