Multiple Choice
Park & Company was recently formed with a $5,000 investment in the company by shareholders.The company then borrowed $2,000 from a local bank,purchased $1,000 of supplies on account,and also purchased $5,000 of equipment by paying $2,000 in cash and signing a promissory note for the balance.Based on these transactions,the company's total assets are:
A) $7,000.
B) $9,000.
C) $10,000.
D) $11,000.
Correct Answer:
Verified
Correct Answer:
Verified
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