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?

To determine the amount of total assets to be reported on the balance sheet, we need to consider all the assets acquired by the company.

In this case, the assets acquired by the company include:

1. Cash contributed by stockholders: $50,000
2. Cash borrowed from the bank: $20,000
3. Supplies purchased on account: $10,000
4. Equipment purchased:

- Cash paid: $20,000
- Note issued: $50,000 - $20,000 = $30,000

Now let's calculate the total assets:

1. Cash: $50,000 + $20,000 = $70,000
2. Supplies: $10,000
3. Equipment:

- Cash paid: $20,000
- Note payable: $30,000

Total equipment: $20,000 + $30,000 = $50,000

Therefore, the amount of total assets to be reported on the balance sheet is:

$70,000 (Cash) + $10,000 (Supplies) + $50,000 (Equipment) = $130,000