During its first month of operation, The Donald Company borrowed $100,000 from a bank and then bought a piece of equipment costing $40,000 by paying $20,000 in cash and signing a long-term promissory note for the remaining amount. During the month, the company also purchased inventory for $30,000 on credit, provided customer services for $10,000 on account, paid $15,000 in cash for accounts payable, and paid $30,000 in cash for utilities.

What is the amount of total assets at the end of the month?

Answer rating: 100% (QA)

Given transactions Borrowed 100000 from a bank Purchased equipment costing 40000 by paying 20000 in ... View the full answer