Lone Star Overnight, Inc. (LSO), was incorporated January 1. The following transactions occurred during the year: Received $39211 cash from the company's shareholder Amy Fowler in exchange for common stock. Bought a used delivery truck at the start of the year at a cost of $19054 paid $2,000 cash and signed a note due in three years for rest (ignore interest). Stockholder Amy Fowler paid $11758 cash for a car for her personal use. After recording these transactions, LSO's total assets will be $

Lone Star Overnight, Inc. (LSO), was incorporated January 1. The following transactions occurred during the year: Received $39211 cash from the company's shareholder Amy Fowler in exchange for common stock. Bought a used delivery truck at the start of the year at a cost of $19054 paid $2,000 cash and signed a note due in three years for rest (ignore interest). Stockholder Amy Fowler paid $11758 cash for a car for her personal use. After recording these transactions, LSO's total assets will be $

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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