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Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable...

Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $45,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $38,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets?

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Answer #1

Accounts Receivable = $45,000
Cash = $50,000
Goodwill = $47,000
Inventory = $38,000
Prepaid Expenses = $5,000
Property, Plant & Equipment = $123,000

Current Assets = Cash + Accounts Receivable + Inventory + Prepaid Expenses
Current Assets = $50,000 + $45,000 + $38,000 + $5,000
Current Assets = $138,000

Intangible Assets = Goodwill
Intangible Assets = $47,000

Total Assets = Current Assets + Property, Plant & Equipment + Intangible Assets
Total Assets = $138,000 + $123,000 + $47,000
Total Assets = $308,000

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