Assume that a company's 1 January 20X1 financial position is: Assets, $40,000, and Liabilities, $15,000. In January 20X1 the company completed the following transactions: 

(a) a note payable (interest-free) of $4,000; 

(b) trade receivables collected, $4,000; 

(c) trade payables paid, $2,000; and

(d) purchased a truck, $1,000 cash, and $8,000 promissory note payable.

What is the financial position of the company at 31 January 20X1?

Answer rating: 100% (QA)

To determine the financial position of the company at 31 January 20X1 you need to update the assets ... View the full answer