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Determine what is amount of the total assets to be reported

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Reference no: EM132631406

A company was formed with $60,800 cash contributed by its owners in exchange for common stock. The company borrowed $30,800 from a bank. The company purchased $10,800 of inventory and paid cash for it. The company also purchased $70,800 of equipment by paying $10,000 in cash and issuing a note for the remainder.

Problem 1: What is the amount of the total assets to be reported on the balance sheet?

Select one:

A. $91,600

B. $152,400

C. $80,800

D. $162,400

Reference no: EM132631406

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