Riley Company began operations on August 1, 2026 and entered into the following transactions du ring 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and bo rrowed $48,000 from a local bank on a 10-mont h, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchase d a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchas ed land for $30,000 cash. 5. On October 28, Riley Company sold two- thirds of the inventory that was purchased on Au gust 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19, 000 cash. 7. On December 31, Riley recorded all nec essary adjusting entries. Calculate the amount of total assets repor ted in Riley Company's December 31, 2026 balance sheet after all of the above transactions have been recorded and posted.
Riley Company began operations on August 1, 2026 and entered into the following transactions du ring 2026: 1. On August 1, Riley Company sold common stock to owners in the amount of $60,000 and bo rrowed $48,000 from a local bank on a 10-mont h, 10% note payable. 2. On August 14, Riley Company purchased inventory for $42,000 cash. 3. On September 1, Riley Company purchase d a 3-year insurance policy for $27,000 cash. 4. On September 19, Riley Company purchas ed land for $30,000 cash. 5. On October 28, Riley Company sold two- thirds of the inventory that was purchased on Au gust 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19, 000 cash. 7. On December 31, Riley recorded all nec essary adjusting entries. Calculate the amount of total assets repor ted in Riley Company's December 31, 2026 balance sheet after all of the above transactions have been recorded and posted.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do not give answer in image

Transcribed Image Text:Riley Company began operations on August
1, 2026 and
entered into the following transactions du
ring 2026:
1. On August 1, Riley Company sold common
stock to
owners in the amount of $60,000 and bo
rrowed
$48,000 from a local bank on a 10-mont
h, 10%
note payable.
2. On August 14, Riley Company purchased
inventory
for $42,000 cash.
3.
On September 1, Riley Company purchase
d a 3-year
insurance policy for $27,000 cash.
4.
On September 19, Riley Company purchas
ed land for
$30,000 cash.
5. On October 28, Riley Company sold two-
thirds of
the inventory that was purchased on Au
gust 14
to a customer for $62,000 cash.
6. On December 3, Riley Company sold the
land that
was purchased on September 19 for $19,
000 cash.
7. On December 31, Riley recorded all nec
essary
adjusting entries.
Calculate the amount of total assets repor
ted in Riley
Company's December 31, 2026 balance sheet
after all of
the above transactions have been recorded
and posted.
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