Question

The following accounts appeared on the trial balance of L&E Company at December 31, 2020. Notes Payable (short-term) Accumulated Depreciation - Bldg. Supplies Salaries and Wages Payable Debt Investments (long-term) Cash Bonds Payable Due 1/1/2028 Allowance for Doubtful Accts Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock $ 192,000 783,000 37.800 34,200 281,400 170 250 1,200,000 7.800 192.900 138,000 156,000 750,000 Accounts Receivable Prepaid Insurance Appropriated Retained Earnings Common Stock Unappropriated Retained Earnings Inventory Land Trading Securities Interest Payable Buildings Accounts Payable Additional Paid-in Capital $518.400 56,250 294.000 1.125,000 318,000 1,580,250 465,000 7320 5,70 1,926,00 409,95 163,80 the space below, compute total assets. Please show your work, and be sure to clearly label your final an BIVA - A - Ix E313xx, DE T: 12pt Paragraph

Answer 1

Solution to the above question:-

The Total Assets for L&E Comapny is $4,648,650 (answer)

Below is the working for the above answer:-

L&E Comapny

Balance Sheet as at 31st December, 2020.

Particulars	Note	Amount($)	Amount($)
Non-Current Assets
Plant, Property and Equipments
Land			465,000
Buildings		1,926,000
Less: Accumulated Depreciation-Bldg		783,000	1,143,000
Other Intangible Assets
Copyrights			192,900
Financial Assets
Investments
Debt Investment(Long Term)			281,400
Trade Receivable
Accounts Receivable		518,400
Less: Allowance for doubtful accts		7,800	510,600
Total Non-Current Assets	1		2,592,900
Current Assets
Inventory			1,580,250
Financial Assets
Trade Receivable
Notes Receivable(due in 6 months)			138,000
Cash and Cash equivalent
Cash			170,250
Other Financial Assets
Prepaid Insurance			56,250
Trading Securities			73,200
Supplies			37,800
Total Current Assets	2		2,055,750
Total Assets	3(=1+2)		4,648,650