Patrick runs an engineering business. At the financial year end he has the following account balances: prepayments: £7,500, trade payables: £52,600, inventory: £74,100, long term loan: £250,000, property, plant and equipment: £325,400, trade receivables: £46,300, bank balance (asset): £22,000, taxation payable: £10,700. Patrick's total assets are:
A) £149,900
B) £162,000
C) £467,800
D) £475,300

Question

Quizplus · Accepted Answer

Total assets are calculated by adding prepayments, inventory, property, plant and equipment, trade receivables, and bank balance: £7,500 + £74,100 + £325,400 + £46,300 + £22,000 = £475,300.

Patrick Runs an Engineering Business