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Salsk061 [2.6K]
3 years ago
6

Clem Corporation issues 1,000 shares of common stock for $25,000. Clem purchased equipment for $10,000 by borrowing from the ban

k. Clem's total assets are_________.
Business
1 answer:
Marina86 [1]3 years ago
3 0

Answer:

$35,000

Explanation:

We know that

Total assets = Total liabilities + stockholder equity

And, The common stock shares are issued for $25,000 and plus equipment is also purchased via borrowing from the bank for $10,000

So, the total assets by applying the accounting equation is

= Issuance of the common stock + Bank borrowed amount

= $25,000 + $10,000

= $35,000

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Explanation to Question 2 can be found in the attached picture

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