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Question - ABC Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long-term note. Last year, ABC reported net income of $10,000 and paid a cash dividend of $800. During the year, the company also borrowed an additional $7,600 from the bank. What was total assets on ABC's balance sheet at the end of the year last year?
a. $276,800
b. $246,800
c. $240,000
d. $239,200
as a long-term investment painters equipment company purchased 20 of amc supplies inc.s 400000 shares for 480000 at the
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