on 20 The net assets of a business are equal to current assets minus current liabilities ed out of Select one: True question False -n 21 Treasury shares should be reported as? ed out of Select one: a. current asset. question b. fixed asset. c. investment d. equity n 22 X Co has the following items:share capital-ordinary, $820,000; treasury shares, $85,000; deferred taxes, $100,000 and retained earnings, $313,000. What amount should X Company report as total equity? ed out of question Select one: a. 1,048,000 b. 1,218,000 c. 948,000 d. 1,148,000