Calculate the amount of total assets

Assignment Help Financial Accounting

Reference no: EM131247914

ABC Company began operations in June, 2017 by selling common stock to owners in exchange for $70,000 cash. During 2017, ABC Company entered into the following transactions:

1. On June 23, ABC Company purchased inventory for $40,000 cash

2. On July 1, ABC Company purchased supplies for $18,000 cash

3. On August 1, ABC Company received $40,000 cash from a customer for services to be performed over the next 20 months

4. On September 1, ABC Company sold one-half of the inventory purchased on June 23 to a customer for $35,000 cash

5. A physical count revealed that supplies costing $6,000 were still on hand at December 31

Calculate the amount of total assets that ABC Company would report in its December 31, 2017 balance sheet after all the above transactions are recorded and all necessary adjusting entries are made. Do not use decimals in your answer.

Reference no: EM131247914

Questions Cloud

Does average cost per cup of coffee served increase-decrease : Koffee Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $1,100 and the variable cost per cup of coffee served is $0.26. Does the average cost per cup of coffee served increase, ..

How long was the leader in a leadership position : Identify a leader and justify why you selected that particular leader. What organization(s) is the leader affiliated with? In what industry is the leader recognized? How long was the leader in a leadership position

Analyze the general transition of u.s. health laws : Analyze the general transition of U.S. health laws based on criminal misconduct in health care to the creation of contract laws, as predicated within the Sherman Antitrust Act.

Summarize the history and purpose of osha : In the workplace, employers should create a safe and healthy environment. The Occupational Safety and Health Administration (OSHA) was created to ensure this environment.

Calculate the amount of total assets : ABC Company began operations in June, 2017 by selling common stock to owners in exchange for $70,000 cash. Calculate the amount of total assets that ABC Company would report in its December 31, 2017 balance sheet after all the above transactions are ..

Determine the cost per unit generated : If the annual fixed charges are Rs 160 per kW installed capacity and running charges are 4 paise per kWh, determine the cost per unit generated.

Constant value to the contents of register : In which addressing mode is the effective address of the operand generated by adding a constant value to the contents of register?

Describe the main points of each theory : Complete the following: Describe the main points of each theory. Relate McGregor's approach to Maslow's Hierarchy of Needs (1943), explaining how employees can be motivated and satisfy their different levels of needs under each of the theories prop..

Create an environment where workers will not want to unioniz : Identify two different steps a company should take to prepare for its first round of bargaining with the union pre-negotiation activities. Explain why each of the steps you have identified is critical to achieving an initial successful collective ..

User Account

All Pages