Cloud Solutions had the following accounts and balances as of December 31: Using the information in the table, calculate the total assets reported on the balance sheet for the period.
A) $24,900.
B) $25,400.
C) $22,500.
D) $25,900.
E) $23,400.

Question

Cloud Solutions had the following accounts and balances as of December 31:  Using the information in the table, calculate the total assets reported on the balance sheet for the period.
A) $24,900. 
B) $25,400. 
C) $22,500. 
D) $25,900. 
E) $23,400.

Quizplus · Accepted Answer

(Cash $20,000 + Accounts Receivable $2,000 + Prepaid Insurance $1,400 + Supplies $1,500 = $24,900)

Cloud Solutions Had the Following Accounts and Balances as of December