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The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise Accounts Payable $7200 Rent
The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise
Accounts Payable | $7200 | Rent Expense | $3000 |
Accounts Receivable | 8400 | Equipment | 74,500 |
Wages Payable | 3400 | Furniture | 16,600 |
Prepaid Expenses | 500 | Notes Payable (due 12/31/13) | 40,900 |
Dividends | 2000 | Accumulated Depreciation | 8000 |
Sales Revenue | 99,850 | Cash | 14000 |
Notes Payable (due 4/30/12) | 1000 | Common Stock | 20,000 |
Cost of Goods Sold | 48,800 | Goodwill | 10,000 |
Loss on Sale of Equipment | 5500 | Retained Earnings (1/1/11) | 16,150 |
Inventory | 9,500 | Marketable Equity Securities | 300 |
Advertising Expense | 2500 | Depreciation Expense | 1100 |
Insurance Expense | 2000 | Unearned Revenue | 2,200 |
Determine Total Assets as of December 31, 2001:
The key says the answer is $125,800 and I'm not getting that number.
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