Question
Answer the following question based upon the information provided in the adjusted trial balance data given below from Cameron White Company's worksheet for the year
Answer the following question based upon the information provided in the adjusted trial balance data given below from Cameron White Company's worksheet for the year ended December 31, 2004. The balance of the Notes Payable account consists of notes that are due within a year. The mortgage extends for more than a year. The beginning Retained Earnings account for the period was $49,000. The ending retained earnings for the period from the statement of retained earnings is $56,150. There were no dividends paid.
ADJ. TRIAL BALANCE
ACCOUNT NAME
DEBIT
CREDIT
Cash
$ 7,700
Petty Cash Fund
100
Notes Receivable
2,000
Accounts Receivable
13,500
Allowance for Doubtful Accounts
$ 1,100
Merchandise Inventory
51,000
Office Supplies
450
Prepaid Insurance
1,900
Land
8,000
Building
28,000
Accum. Depr.Building
7,000
Store Equipment
6,500
Accum. Depr.Store Equipment
2,500
Office Equipment
4,500
Accum. Depr.Office Equipment
1,500
Notes PayableShort-Term
12,500
Accounts Payable
16,500
Interest Payable
400
Mortgage Payable
26,000
Retained Earnings
56,150
Common Stock
26,000
$123,650
$123,650
What is the amount of total assets?
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