Correct mark 1000 out of 1000 flag question question

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Mark 10.00 out of 10.00Flag questionQuestion textABC Inc. was incorporated two years ago by issuing 5,000 shares of common stock at $400 eachand borrowing $240,000 from a bank on a long-term note. Last year, ABC reported net income of $40,000 and paid a cash dividend of $1,800. During the year, the company also borrowed an additional $320,000 from the bank. What was total assets on ABC's balance sheet at the end of the year last year?
CorrectMarks for this submission: 10.00/10.00.Question 4CorrectMark 10.00 out of 10.00Flag questionQuestion text
On December 31, 2015, Panettone Inc. has total liabilities of $555,500 and total equity of $1,049,500. The company needs to raise additional funds through debt and equity. The company will issue 4,000 shares of common stock at $13.25 per share and in addition it intends to borrow as much as it can from Bank of Switzerville. Bank of Switzerville requires a maximum debt-to-

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