Question

Golden Company had the following accounts and balances at the end of the year. What are total assets at the end of the year?Cash $75,000Accounts Payable $14,000Common Stock $21,000Cost of Goods Sold $95,000Dividends Declared and Paid $12,000Operating Expenses $12,000Accounts Receivable $55,000Inventory $42,000Long-term Notes Payable $33,000Revenues $130,000Salaries Payable $28,000A) $75,000B) $117,000C) $130,000D) $172,000

Answer 1

Answer: Total assets are $172000

Explanation:

Extracts from Statement of financial position:

Non current assets: -

current assets:

inventory $42000

account receivable. $55000

cash. $75000

Total assets. $172000

Answer 2

The total assets at the end of the year is Option D $172,000

• The calculation is as follows:

Total assets at the end of the year is

= Cash + AR + inventory

= $75,000 + $55,000 + $42,000

= $172,000

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