Wes Motors has total assets of $98,300, net working capital of $11,300, owners' equity of $41,600, and long-term debt of $38,600. What is the value of the current assets?
$21,600
$18,100
$28,900
$29,400
$6,800
Solution:
As per the basic accounting equation
Total Assets = Current Liabilities + Long term Liabilities + Owner’s equity
As per the information given in the question
Total Assets = $ 98,300 ; Long term Liabilities = Long Term debt = $ 38,600 ;
Owner’s equity $ 41,600 ; Current Liabilities = To find
Applying the above information in the basic accounting equation we have
$ 98,300 = Current Liabilities + $ 38,600 + $ 41,600
$ 98,300 = Current Liabilities + $ 80,200
$ 98,300 - $ 80,200 = Current Liabilities
Current Liabilities = $ 98,300 - $ 80,200
Current Liabilities = $ 18,100
Further as per the information given in the question
Net working Capital = $ 11,300 ; Current Liabilities = $ 18,100
Current Assets = To find
We know that Net working Capital = Current Assets – Current Liabilities
Applying the available information we have
$ 11,300 = Current Assets - $ 18,100
$ 11,300 + $ 18,100 = Current Assets
Current Assets = $ 11,300 + $ 18,100
Current Assets = $ 29,400
Thus the value of Current Assets = $ 29,400
The solution is Option 4 = $ 29,400
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