During Its First Year of Operations,a Company Entered into the Following

question 51

Multiple Choice

During its first year of operations,a company entered into the following transactions: Borrowed $20,000 from the bank by signing a promissory note.
Issued stock to owners for $40,000.
Purchased $4,000 of supplies on account.
Paid $1,600 to suppliers as payment on account for the supplies purchased.
What is the amount of total assets at the end of the year?

• A)$64,000
• B)$22,400
• C)$60,000
• D)$62,400

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Definitions:

Electronic Documents

Digitally formatted documents, including texts, images, or data, stored and transmitted via electronic devices and software.

Signature Equivalent

A method or form that serves the same legal purpose as a handwritten signature, such as a digital signature.

Jurisdiction

Jurisdiction refers to the official power to make legal decisions and judgments, often within a specific geographical area or over certain types of cases.

Enforceable

Capable of being imposed or brought into effect legally, often referring to contracts or laws that can be executed through a legal process.