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larisa [96]
3 years ago
6

Park & company was recently formed with a $6,900 investment in the company by stockholders in exchange for common stock. the

company then borrowed $3,900 from a local bank, purchased $1,190 of supplies on account, and also purchased $6,900 of equipment by paying $2,190 in cash and signing a promissory note for the balance. based on these transactions, the company's total assets are:
Business
1 answer:
yKpoI14uk [10]3 years ago
7 0

<u>Calculation of Total Assets:</u>

Total assets based on the given transactions can be calculated as follows:


Cash Received from Investors $6,900

Add: Amount Borrowed from Local Bank $3,900

Add: Supplies Purchased on account $1,190

Add: Equipment purchased $6,900

Less: Cash Paid for purchase of equipment -$2,190


Total Assets = $16,700


Hence based on the given transactions, the company's total assets are <u>$16,700</u>





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