Question

Required information [The following information applies to the questions displayed below.] At December 31, 2018, the accounting records of Braun Corporation contain the following items: $ 47,000 Accounts Payable Land Capital Stock Building Retained Earnings $ 19,500 $ 247,000 ? $ 187,000 $ 167,000 Accounts Receivable Cash Equipment Notes Payable $ 127,00 $ 127,000 $ 197,000 If Cash at December 31, 2018, is $73,000, total assets amount to:

Answer 1

Amount Amount Assets Current assets: Cash Accounts Receivable Total current assets $ $ 73,000 47,000 $ 120,000 Non-current assets: Land Building Equipment Total non-current assets Total Assets $ $ $ 247,000 187,000 127,000 $ $ 561,000 681,000 Total assets amount to $ 681,000

All other items are either liabilities or stockholders' equity.