Question

A firm's balance sheets as of the December 31, 2015 and 2016 show the following items:...

A firm's balance sheets as of the December 31, 2015 and 2016 show the following items: 2015: Cash = $9,916,500; Account Receivable = $9,000,000; Inventory = $4,500,000; Gross Fixed Assets = $10,972,000; Accumulated Depreciation = $1,243,000; Retained Earnings = $1,967,500; Capital Surplus = $8,600,000; Common Stock ($0.50 par) = $4,500,000; Notes Payable = $8,921,000; Long term debt = $2,500,000; Accounts Payable = $6,657,000. 2016: Cash = $11,098,000; Account Receivable = $7,600,000; Inventory = $5,200,000; Gross Fixed Assets = $13,774,000; Accumulated Depreciation = $1,675,000; Retained Earnings = $1,967,500; Capital Surplus = $11,300,000; Common Stock ($0.50 par) = $4,800,000; Notes Payable = $7,773,000; Long term debt = $1,500,000; Accounts Payable = $6,132,000. Calculate the total assets in 2016

A. $30,923,000

B. $37,423,870

C.$35,997,000

D.$33,145,500

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Answer #1

Answer is $35,997,000

Cash = $11,098,000
Account Receivable = $7,600,000
Inventory = $5,200,000
Gross Fixed Assets = $13,774,000
Accumulated Depreciation = $1,675,000

Net Fixed Assets = Gross Fixed Assets - Accumulated Depreciation
Net Fixed Assets = $13,774,000 - $1,675,000
Net Fixed Assets = $12,099,000

Total Assets = Cash + Account Receivable + Inventory + Net Fixed Assets
Total Assets = $11,098,000 + $7,600,000 + $5,200,000 + $12,099,000
Total Assets = $35,997,000

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