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During its first year of operations, a company entered into the following transactions: Borrowed $20,000 from the bank by signing a promissory note. Issued stock to owners for $40,000. Purchased $4,000 of supplies on account. Paid $1,600 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year?

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Zviko

Answer:

$62,400

Explanation:

Assets are Economic resources controlled by the entity as a result of past events from which cash is expected to flow into the business.

Assets include the following Amounts:

Cash from Bank Note              $20,000

Cash from Stock Issues           $40,000

Supplies Inventory                     $4,000

Payment for Supplies                ($1,600)

Total Available Assets             $62,400