Reference no: EM132651713
Question - B9-lR Company began operations in 2025 and entered into the following transactions during the year:
February 15: Sold common stock to owners for $262,000 cash.
March 1: Purchased equipment for $85,000 cash. The equipment was assigned a life of six years and a residual value of $4,000.
April 30: Lent a customer $60,000 on a 10-month, 6% note receivable.
May 22: Purchased inventory costing $62,000 on account.
June 1: Received $41,000 cash from a customer for services to be performed over the next ten months.
August 1: Purchased a 4-year insurance policy for $84,000 cash.
August 19: Sold ¾ of the inventory purchased on May 22 for $127,000.
The customer paid ½ of the bill on August 19 and agreed to pay the other ½ at a future point in time.
September 16: Paid $17,000 to the supplier who the inventory was purchased from on May 22.
December 31: Received a $26,000 bill from the utility company. B9-lR Company will pay the bill next month.
December 31: Recorded all necessary adjusting entries.
Required - Calculate the total assets reported in B9-lR Company's December 31 2025 balance sheet.