Answer:
Equipment $200,000
Supplies $25,000
Accounts Receivable $75,000
Explanation:
Assets are any resource with economic value with the expectation that it will provide a future benefit.
An asset can be thought of as something that can generate cash flow, reduce expenses, or improve sales.
Equipment, Supplies and Accounts Receivable belong to Assets.
Service Revenue, Common Stock, Operating Expenses, Dividends & Retained Earnings are part of Stockholders' Equity.
Finally, Accounts Payable is a Liability.
Answer: Total Assets as at 31 December 2014 = $ 475000
Explanation:
The question is incomplete or unclear with regards to what the question requires us to do exactly,
It is not clear what the question wants us to calculate.
how ever because of the last statement in the question "Elton's Asset on December 31 are "
I believe the question wants us to calculate the Total assets of the company Elton
Elton's Assets
Equipment = $ 200 000
Cash = $ 175000
Supplies = $ 25000
Accounts receivable= $ 75000
Total Assets = 200000 + 175000 + 25000 + 75000 = 475000
Total Assets Balance as at 31 December 2014 = $ 475000
