JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained...

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JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained...

JYF Company's accounting records at December 31, 2022 reported
the following account balances:

Cash                          $25,000
Retained Earnings             $53,000  (at January 1, 2022)
Prepaid Insurance             $18,000
Advertising Expense           $22,000
Cost of Goods Sold            $29,000
Interest Revenue              $31,000
Copyright                     $28,000
Supplies                      $12,000
Accounts Receivable           $51,000
Common Stock                  $91,000
Accounts Payable              $50,000
Patent                        $21,000
Notes Payable                 $86,000  (due March 1, 2023)
Income Tax Expense            $21,000
Inventory                     $59,000
Building                      $34,000
Salaries Expense              $14,000
Sales Revenue                 $79,000
Dividends                     $11,000
Equipment                     $45,000

Calculate JYF Company's total assets at December 31, 2022.

business accounting

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Answer 1

Answer #1

Computation of total assets

Particulars	Amount ($)
Cash	25000
Prepaid insurance	18000
Copyright	28000
Supplies	12000
Accounts receivable	51000
Patent	21000
Inventory	59000
Building	34000
Equipment	45000
Total Assets	$293000

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Answer 2

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