Multiple Choice
A company was formed with $300,000 cash contributed by its owners in exchange for common stock.The company borrowed $150,000 from a bank.The company purchased $50,000 of inventory and paid cash for it.The company also purchased $350,000 of equipment by paying $50,000 in cash and issuing a note for the remainder. What is the amount of the total assets to be reported on the balance sheet?
A) $750,000
B) $800,000
C) $450,000
D) $400,000
Correct Answer:
Verified
Correct Answer:
Verified
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