ABC Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long-term note.

Description


ABC Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long-term note. Last year, ABC reported net income of $10,000 and paid a cash dividend of $800. During the year, the company also borrowed an additional $7,600 from the bank. What was total assets on ABC's balance sheet at the end of the year last year? 

Question

ABC Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long-term note.

  • Written in: 17-Oct-2019
  • Paper ID: 5956954
Price: $ 15
 

Use the Order Now button below to Place a New Order for an Original, High-Quality Paper that passes all Plagiarism Checkers

Order Now




About this Question

STATUS

Approved

DATE ANSWERED

Oct 17, 2019

EXPERT

N/A

ANSWER RATING

Need Help with an Assignment?

Get Help with an Assignment

SSL Certificate website security