I need solution AWQ Inc. was incorporated two years ago by issuing 5,000shares of common stock at $400 each and borrowing$240,000 from a bank on a long-term note. Last year, AWQreported net income of $20,000 and paid a cash dividend of$1,800. Last year, the company also borrowed an additional$320,000 from the bank. What was the total assets on AWQ'sbalance sheet at the end of the year last year?

Explanation: The amount of total assets can be calculated using the accounting equation.As per the…

Answered: AWQ Inc. was incorporated two years ago…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

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Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 1P

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ABC Inc. was incorporated two years ago by issuing 5,000 shares of common stock at $400 each and borrowing $240,000 from a bank on a long-term note. Last year, ABC reported net income of $40,000 and paid a cash dividend of $1,800. Last year, the company also borrowed an additional $320,000 from the bank. What was the total assets on ABC's balance sheet at the end of the year last year? a. None of these. b. $2,600,000 c. $2,558,200 d. $2,598,200
ABC Inc. was incorporated two years ago by issuing 5,000 shares of common stock at $400 each and borrowing $240,000 from a bank on a long-term note. Last year, ABC reported net income of $40,000 and paid a cash dividend of $1,800. Last year, the company also borrowed an additional $320,000 from the bank. What was the total assets on ABC's balance sheet at the end of the year last year?
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What was the total assets on AWQ's balance sheet at end of the year?
AWQ Inc
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