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May 30, 2015

Homework Help: accounting

Posted by dan on Tuesday, May 7, 2013 at 12:32pm.

A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

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