Question 8 5 pts Dak Company began operations on August 1 20

Question 8 5 pts Dak Company began operations on August 1, 2019 and entered into the fol lowing transactions during 2019: 1. On August 1, Dak Company sold common stock to owners in the amount of $200,000 and bor rowed 100,000 from the local bank on a 10-month, 12% note payable. 2. On September 1, Dak Company paid $50,000 cash to purchase supplies. 3. On October 1, Dak Company received $60,000 cash from a customer for services to be performed over the next 8 months. 4. On November 15, Dak Company purchased a piece of land costing $80,0 by paying $20,000 in cash and agreeing to pay the remainder within six months. 5. On December 13, based on a physical count, Dak Company determined i had $34,000 of supplies still on hand. Calculate the amount of total assets that Dak Company Company would rep ort in its December 31, 2019 balance sheet after all the above transactions are recorded and all necessary adjusting entries are made.

Solution

Calculate total assets :

Cash	290000
Supplies	34000
Land	80000
Total assets	404000