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.
Understand the Problem
The question is asking us to calculate the total assets based on the provided financial data. This will involve summing up the various assets listed while accounting for any relevant deductions such as liabilities.
Answer
The total assets amount to $289200.
Answer for screen readers
The total assets amount to $289200.
Steps to Solve
- 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)
- 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 ]
- 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:
- $287900 + 1300 = 289200$
- Final Calculation
So, the total assets amount to:
(\text{Total Assets} = 289200)
The total assets amount to $289200.
More Information
Total assets represent the overall financial position of a company at a given point in time, including all owned resources that are expected to provide future economic benefits. Assets can include cash, receivables, inventory, property, and more.
Tips
- Including liabilities as assets: Make sure to only sum items that are classified as assets (e.g., exclude Accounts Payable, Note Payable, Dividends Payable, and Salaries Payable).
- Forgetting to include all asset categories: Ensure you account for all available asset categories listed in the problem.