Calculate the amount of total liabilities

Reference no: EM131770888

Question: Dak Company began operations on August 1, 2019 and entered into the following transactions during 2019:

1. On August 1, Dak Company sold common stock to owners in the amount of $200,000 and borrowed 100,000 from the local bank on a 10-month, 12% note payable.

2. On September 1, Dak Company paid $40,000 cash to purchase supplies.

3. On October 1, Dak Company received $50,000 cash from a customer for services to be performed over the next 10 months.

4. On November 15, Dak Company paid its stockholders a dividend totaling $3,000 cash.

5. On December 31, based on a physical count, Dak Company determined it had $34,000 of supplies still on hand.

Calculate the amount of total liabilities that Dak Company Company would report in its December 31, 2019 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: EM131770888

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