Johnson waterworks company provides plumbing services. the company is a sole proprietorship. transactions during the first year of operations are provided below. a) the owner, mitchell johnson, contributed $14,000 cash in exchange for capital b) paid $1,100 for equipment to be used for plumbing repairs. c) borrowed $14,000 from a local bank and deposited the money in the checking account. d) paid $600 in rent for the year. e) paid $300 for plumbing supplies to be used on various jobs next year. completed a plumbing repair for a law firm and received $3,400. calculate the amount of total assets at the end of the first year. assume the plumbing supplies of $300 are left at the end of the year. oa. $28,000 o b. $1,100 oc. $1,400 d. $30,800
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Ответ:
D. $30,800
Explanation:
The computation of the total assets is shown below:
= Cash + equipment + supplies
where,
Cash would be
= Capital - paid cash for equipment + borrowed amount - rent paid - supplies + received amount
= $14,000 - $11,000 + $14,000 - $600 - $300 + $3,400
= $19,500
And, the other items would be same
So, the total assets would be
= $19,500 + $11,000 + $300
= $30,800
Ответ:
You can't borrow against your IRA account, but you can withdraw funds for 60 days without being subject to the 10 percent penalty tax. If you need the money for 60 days or less, an IRA withdrawal can act as a short-term loan
so A:60 days