What are the total liabilities at the end of the week

Reference no: EM132724491

For the remaining questions, please consider the following transactions that happened upon the incorporation of Berry Company by its owner, John Berry, during the first week of January:

It received €50,000 in cash from John Berry as capital.
It borrowed €30,000 from a local bank.
It purchased €15,000 of equipment for cash.
It purchased €20,000 of inventory on account.
It pre-paid €3,000 for the office rent and €2,000 for the insurance.

Problem 1: What are the total liabilities at the end of the week?

Option 1: €20,000

Option 2: €30,000

Option 3: €100,000

Option 4: €50,000

Reference no: EM132724491

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