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.

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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