Which one of the following statements concerning the balance sheet is correct? A. Total assets equal...
Which one of the following statements concerning the balance sheet is correct? A. Total assets equal total liabilities minust total equity. B. Net working capital is equal to total assets minus current liabilities C. Net fixed assets are equal to the initial cost of all the firms long term assets. D. Current assets are equal to total assets minus net working capital. E. Shareholders equity is equal to total assets minus total liabilities.
Homework Answers
Ans: Option E, Share holders Equity = Total assets minus total liabilities.
Option A is incorrect, coz correct one is Total assest = total liabilities + total equity (but it was shown as minus)
Option B is incorrect coz correct one is Net working capital = Current assets - current liabilities
Option C is incorrect coz the correct one is Net fixed assets = Gross fixed assets - accumulated depreciation.
Option D is incorrect coz Current assets = Total assets - (Net working capita)
CA = Total assets - (CA-CL)
CA-CA= Total assets - CL ( this is completely incorrect)
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