ABC Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long-term note. Last year, ABC reported net income of $10,000 and paid a cash dividend of $800. During the year, the company also borrowed an additional $7,600 from the bank. 

What was total assets on ABC's balance sheet at the end of the year last year?

Answer rating: 100% (QA)

To answer this question we need to use the accounting equation Assets Liabilities Shareholders Equit... View the full answer