Calculate the total expenses reported on the company

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Company began operations in 2021

1) on June 1 company sold common stock to owners for $100,000

2) On July 1 company borrowed $17500 from the local bank on an 11 month 12% note payable

3) on august 1 company paid 20000 cash to purchase inventory

4) on september 1 compny purchased 1 year insurance policy costin 25000

During 2022

1) On April 1 company sold one half of the inventory tht was purchased on on august 1 for 6000 cash

2) on may the company paid its sotck holders a 22,000 dividend

3) on september 1 company paid 15000 to renew its insurance policy for another year

Problem 1: Calculate the total expenses reported on the company's 2022 income statement

Reference no: EM132844375

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