Question
The following shows the ending balances of accounts for A Company as of December 31, 2018. Account Debits Credits Taxes payable 30,000 Inventory 285,000 Investments
The following shows the ending balances of accounts for A Company as of December 31, 2018.
Account | Debits | Credits |
---|---|---|
Taxes payable | 30,000 | |
Inventory | 285,000 | |
Investments | 140,000 | |
Retained earnings | 202,000 | |
Prepaid expenses | 148,000 | |
Accumulated depreciation - equipment | 110,000 | |
Deferred revenue | 80,000 | |
Cash | 65,000 | |
Common stock | 400,000 | |
Equipment | 320,000 | |
Accounts payable | 60,000 | |
Accounts receivable | 160,000 | |
Notes payable | 200,000 | |
Allowance for uncollectible accounts | 16,000 | |
Interest payable | 20,000 | |
Total | 1,118,000 | 1,118,000 |
Additional information:
1. Prepaid expenses include $120,000 paid on December 31, 2018 for a two-year lease on the company's office building. The remaining prepaid expenses are for items that management expects will be consumed during 2019.
2. Investments include $30,000 in Treasury bills purchased on November 30, 2016 and that mature on January 30, 2019. The remaining investments are marketable securities that management expects to sell during 2019.
3. The deferred revenue is for magazine subscriptions that are one year or less.
4. The notes payable consists of a $40,000 note due in six months, a $100,000 note due in five years, and $60,000 note due in three annual installments of $20,000 with the next installment due on August 31, 2019.
Determine the amount of total assets.
992,000 |
$992,000 |
992000 |
$992000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started