Question

A company has liabilities of $210,000. The opening balance in the owner’s capital account is $60,000;...

A company has liabilities of $210,000. The opening balance in the owner’s capital account is $60,000; in drawings $20,000; revenues $320,000; and expenses $255,000. What are the company’s total assets?

$65,000

$270,000

$590,000

$315,000
Business   Accounting   
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Answer #1

Liabilities = $210,000

Owner's Equity, beginning = $60,000

Drawings = $20,000

Revenues = $320,000

Expenses = $255,000

Owner's equity, ending = Owner's Equity, beginning - Drawings+ Revenues -Expenses

= 60,000-20,000+320,000-255,000

= $105,000

Total assets = Liabilities + Owner's equity, ending

= 210,000+105,000

= $315,000

The company’s total assets = $315,000

Fourth option is correct.

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