ABC Company had the following transactions: Owners invested $80,000. Purchased equipment for $50,000 on credit. Borrowed $60,000 from the bank. Purchased $25,000 of computer. Paid $5,000 for rent. What is the effect on total assets?

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26-08-2019
Business

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ABC Company had the following transactions: Owners invested $80,000. Purchased equipment for $50,000 on credit. Borrowed $60,000 from the bank. Purchased $25,000 of computer. Paid $5,000 for rent. What is the effect on total assets?

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andromache andromache · Answer 1 · 2019-08-29T13:53:01+02:00

Answer:

It increase the total assets by $75,000.

Explanation:

Total assets: It includes currents assets, fixed assets, and intangible assets.

The current assets are that current assets that have liquidity or converted into cash within one year. For example stock, debtors, cash

Fixed assets are those assets which have long term life that can be seen and touched. Like plant & machinery, equipment, land, furniture & fixtures ,etc

Intangible assets are those assets which have unlimited life that can not be seen or touched. For example patents, goodwill, trademark, copyrights, etc.

So, by going through the meanings of total assets we get to know that the purchase of equipment and the purchase of a computer has come under total assets which have a total cost of $50,000 + $25,000 = $75,000

So, it increases the total assets by $75,000.