A company was formed with $61,800 cash contributed by its owners in exchange for common...
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Accounting
A company was formed with $61,800 cash contributed by its owners in exchange for common stock. The company borrowed $31,800 from a bank. The company purchased $11,800 of inventory and paid cash for it. The company also purchased $71,800 of equipment by paying $10,000 in cash and issuing a note for the remainder. What is the amount of the total assets to be reported on the balance sheet? $155,400 $165,400 $93,600 $81,800
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