This company's end-of-year balance sheet consisted of the following amounts:

-Refer to Bargain Spot Fabrics. What amount should the company report on its Balance Sheet for Total Assets?
A)$550,000
B)$775,000
C)$850,000
D)$950,000

Question

This company's end-of-year balance sheet consisted of the following amounts:
 
-Refer to Bargain Spot Fabrics. What amount should the company report on its Balance Sheet for Total Assets?
A)$550,000 
B)$775,000 
C)$850,000 
D)$950,000

Quizplus · Accepted Answer

The Total Assets can be calculated by adding up all the amounts on the balance sheet. In this case, adding $550,000 (Cash), $75,000 (Accounts Receivable), $150,000 (Merchandise Inventory), $25,000 (Office Equipment), and $50,000 (Building) gives us a total of $850,000. Therefore, the correct answer is C.

This Company's End-Of-Year Balance Sheet Consisted of the Following Amounts