On March 3, Cobra Inc. purchased a desk for $330 on account. On March 22, Cobra purchased another desk for $460 also on account, and then on March 24, Cobra paid $460 on account. At the end of March, what amount should Cobra report for desks (assuming these two desks were the only desks they had)

Cobra Inc.

The amount that Cobra should report for desks is $790.

Explanation:

a) Data and Calculations:

Purchases on March 3 =    $330

Purchases on March 22 = $460

Payment on March 24 =   ($460)

Amount unpaid =               $330

b) The amount that Cobra Inc. should report as Accounts Payable at the end of March is $330.  However, in reporting for the desks, it should report $790 in assets.  This amount represents the value of desks that the company is possessing, which is financed by company cash and creditors.

if i need to borrow money for anything, it would be for something like a house or an apartment but, that depend on the situation.

is this good enough?

they work in some type of way