Ask Question
24 December, 15:59

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $465 Fees Earned $3,123 Accounts Receivable 858 Insurance Expense 486 Prepaid Insurance 2,148 Land 2,660 Cash 1,964 Wages Expense 780 Dividends 536 Common stock 5,844 Total assets are: a. $7,630 b. $3,123 c. $5,844 d. $3,287

+3
Answers (1)
  1. 24 December, 16:19
    0
    a. $7,630

    Explanation:

    According to the given situation the computation of total assets is shown below:-

    Total assets = Accounts receivable + Prepaid insurance + Cash + Land

    = $858 + $2,148 + $1,964 + $2,660

    = $7,630

    Therefore for computing the total assets we simply applied the above formula and ignore all other values as they are not relevant.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $465 Fees ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers