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?

$62,400

Explanation:

Assets are Economic resources controlled by the entity as a result of past events from which cash is expected to flow into the business.

Assets include the following Amounts:

Cash from Bank Note              $20,000

Cash from Stock Issues           $40,000

Supplies Inventory                     $4,000

Payment for Supplies                ($1,600)

Total Available Assets             $62,400

the specific actions take by the fed. what the fed was attempting to do by taking these actions. the result of the actions taken by the fed