Given the following list of accounts, calculate Total Assets:Accounts Receivable $ 10,000 Capital Stock 20,000 Cash 25,300 Equipment 16,800 Fees Earned 44,400 Miscellaneous Expense 17,800 Rent Expense 3,250 Retained Earnings 7,850 Salaries Expense 15,400 Wages Expense 15,000

Question

Skyler

Business

9 December, 08:08

Given the following list of accounts, calculate Total Assets:Accounts Receivable $ 10,000 Capital Stock 20,000 Cash 25,300 Equipment 16,800 Fees Earned 44,400 Miscellaneous Expense 17,800 Rent Expense 3,250 Retained Earnings 7,850 Salaries Expense 15,400 Wages Expense 15,000

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Answers (1)

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Myla Blevins · Answer 1

The total assets is $52,100

Explanation:

Total Assets : The total assets is a sum of all current assets and fixed assets. The current assets is that type of asset which is liquidate under one year whereas the fixed assets, the time period is more than one year.

The example of current assets is cash, accounts receivable, stock, etc whereas the fixed assets includes plant and machinery, furniture $ fixtures, equipment, etc.

So the fixed assets is = Accounts Receivable + Cash + Equipment

= $10,000 + $25,300 + $16,800

= $52,100

The accounts which are given in the question are related to liabilities account and expenses account.

Thus, the total assets is $52,100