Coates Inc. experienced the following events in Year 1, its first year of operation: Received...
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Coates Inc. experienced the following events in Year 1, its first year of operation: Received $20,000 cash from the issue of common stock. Performed services on account for $38,000. Paid the utility expense of $2,500. Collected $21,000 of the accounts receivable. Recorded $15,000 of accrued salaries at the end of the year. Paid a $2,000 cash dividend to the shareholders. What is the amount of Total Assets that would appear on Coates' Balance Sheet? Do not enter dollar signs or commas in your answer.
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