The Smith Corp.began business this year and entered into the following transactions during the year.The company issued common stock in exchange for cash of $20,000 from stockholders,borrowed $10,000 from a bank,bought $3,000 of inventory on account,and purchased $8,000 of equipment by paying $3,000 in cash and issuing a note for the remainder.What is the amount of total assets to be reported on the balance sheet at the end of the year?
A) $26,000
B) $30,000
C) $32,000
D) $38,000

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The Answer of The Smith Corp.began business this year and entered into the following transactions during the year.The company issued common stock in exchange for cash of $20,000 from stockholders,borrowed $10,000 from a bank,bought $3,000 of inventory on account,and purchased $8,000 of equipment by paying $3,000 in cash and issuing a note for the remainder.What is the amount of total assets to be reported on the balance sheet at the end of the year?
A) $26,000
B) $30,000
C) $32,000
D) $38,000