Total Company began operations in 2025 and entered into the following transactions during the year: 1....

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Total Company began operations in 2025 and entered into the following transactions during the year: 1. On May 1, Total Company sold common stock to owners for $200,000 cash. 2. 3. On June 1, Total Company purchased equipment for $54,000 cash. The equipment was assigned an 8-year life and a $6,000 residual value. 4. 5. On May 10, Total Company purchased inventory costing $40,000 on account. 7. On September 1, Total Company purchased a two-year insurance policy for $27,000 cash. On October 9, Total Company sold one-half of the inventory that they purchased on May 10 to a customer for $49,000; the customer did not pay for the goods, but agreed to pay Total Company within ninety days. 6. On November 17, Total Company paid $10,000 cash to its stockholders as a dividend. On December 17, Total Company collected a $22,000 partial payment from the customer who purchased the inventory on October 9. 8. On December 31, Total Company recorded the adjusting entries related to the equipment and the prepaid insurance. Calculate the amount of total assets reported in Total Company's December 31, 2025 balance sheet after all of the above transactions have been recorded and posted. Total Company began operations in 2025 and entered into the following transactions during the year: 1. On May 1, Total Company sold common stock to owners for $200,000 cash. 2. 3. On June 1, Total Company purchased equipment for $54,000 cash. The equipment was assigned an 8-year life and a $6,000 residual value. 4. 5. On May 10, Total Company purchased inventory costing $40,000 on account. 7. On September 1, Total Company purchased a two-year insurance policy for $27,000 cash. On October 9, Total Company sold one-half of the inventory that they purchased on May 10 to a customer for $49,000; the customer did not pay for the goods, but agreed to pay Total Company within ninety days. 6. On November 17, Total Company paid $10,000 cash to its stockholders as a dividend. On December 17, Total Company collected a $22,000 partial payment from the customer who purchased the inventory on October 9. 8. On December 31, Total Company recorded the adjusting entries related to the equipment and the prepaid insurance. Calculate the amount of total assets reported in Total Company's December 31, 2025 balance sheet after all of the above transactions have been recorded and posted.

Answer rating: 100% (QA)

Heres how to calculate the total assets of Total Company at December 312025 1 Analyze each transacti... View the full answer