The balance sheet shows the following accounts and amounts: Cash $13,000; Short-term Debt $21,000; Buildings and Equipment $420,000; Inventory, $44,000; Notes Payable $60,000; Accumulated Depreciation $110,000; Common Stock $80,000; Accounts Receivable $38,000; Retained Earnings $237,000; Accounts Payable $17,000.
Total assets on the balance sheet are:
A)$367,000
B)$405,000
C)$515,000
D)$625,000

Question

Quizplus · Accepted Answer

Total assets are calculated as: Cash ($13,000) + Inventory ($44,000) + Accounts Receivable ($38,000) + (Buildings and Equipment ($420,000) - Accumulated Depreciation ($110,000)) = $405,000.

The Balance Sheet Shows the Following Accounts and Amounts: Cash