Question: George Corporation had the following transactions during the month of August: 1. Owners started the company by investing $400 000 in cash. 2. Purchased $200

George Corporation had the following transactions during the month of August:

1. Owners started the company by investing $400 000 in cash.

2. Purchased $200 000 of equipment by making a $100 000 cash down payment and signed a 90-day note payable for the balance.

3. Purchased land for $500 000, signing a note payable for the full amount.

4. Earned $60 000 of services revenue (of which $40 000 was received in cash with the balance on accounts receivable).

What are total assets for George Corporation at the end of August?

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