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The Balance Sheet of Greene, Inc. on January 1, 20X1 showed the following. Assets $30,000, Liabilities...

The Balance Sheet of Greene, Inc. on January 1, 20X1 showed the following. Assets $30,000, Liabilities $20,000 and Stockholder's Equity $10,000. During 20X1, Greene collected $30,000 in revenue, paid $34,000 in expenses, purchased $15,000 in additional assets on account. The stockholders invested an additional $10,000 cash in the business. What are Greene's total assets at December 31, 20X1? 55,000 51,000 41,000 45,000

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Answer #1

Balance Sheet as on January 1, 20X1

Liabilities Assets

Equity Capital $10,000

Liabilities $20,000

$30,000

Assets $30,000  

  $30,000

The following points have been mentioned in the question

1) Stockholders invested as additional $10,000 cash in the business, the journal entry for the same will be-

Cash a/c Dr. $10,000

To Equity Capital a/c $10,000

2) Greene's Total asset at December 31, 20X1 -

Assets at the beginning of the year = $30,000

Add: Stockholders investment in cash = $10,000

Revenue Collection = $30,000

Additional Assets purchased = $15,000

Less : Expenses Paid = $34.000   

Assets at the end of the year    $51,000

Therefore, Greene's total asset at December 31, 20X1 is $51,000

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