Consider the following data: Cash $20600, Accounts Receivable $28600, Accounts Payable $33600, Note Payable $49100, Inventory $18200, Dividends Payable $6900, Equipment $213000, Su... Consider the following data: Cash $20600, Accounts Receivable $28600, Accounts Payable $33600, Note Payable $49100, Inventory $18200, Dividends Payable $6900, Equipment $213000, Supplies $7500, Net Income $33000, Accumulated Depreciation $102000, Common Shares $41100, Beginning Retained Earnings $23300, Prepaid Rent $1300, Salaries Payable $14000. Total assets amounts to. Read more

Steps to Solve

1. Identify Total Assets Components

First, we will list all the assets. The assets in this case include:

• Cash: $20600
• Accounts Receivable: $28600
• Inventory: $18200
• Equipment: $213000
• Supplies: $7500
• Prepaid Rent: $1300
• (Note: Net Income is not included in the assets)

2. Sum the Assets

Next, we will sum these asset values together:

[ \text{Total Assets} = \text{Cash} + \text{Accounts Receivable} + \text{Inventory} + \text{Equipment} + \text{Supplies} + \text{Prepaid Rent} ]

Substituting the values into the equation gives:

[ \text{Total Assets} = 20600 + 28600 + 18200 + 213000 + 7500 + 1300 ]

3. Calculate the Total

Now, calculate each step of the summation:

• First, sum:

  • $20600 + 28600 = 49200$

• Next:

  • $49200 + 18200 = 67400$

• Then:

  • $67400 + 213000 = 280400$

• Then:

  • $280400 + 7500 = 287900$

• Lastly:

  • $287900 + 1300 = 289200$

4. Final Calculation

So, the total assets amount to:

(\text{Total Assets} = 289200)