You've collected the following information about a company:
What are the total assets & total equity?
Homework Answers
Total assets = 158,000
Total assets = Total liabilities and equity
Total equity = Total liabilities and equity - Total liabilities
= 158,000 - 119,000
= 39,000
same excel pasted below with formulas
| Assets | Liabilities and Equity | ||
| Cash | 9,000.00 | Accounts payable | 18,000.00 |
| Marketable securities | 2,000.00 | Notes payable | 6,000.00 |
| Accounts receivable | 4,000.00 | Current liabilities | 24,000.00 |
| Inventory | 29,000.00 | Long term debt | 95,000.00 |
| Current Assets | 44,000.00 | Total liabilities | 119,000.00 |
| Machines | 34,000.00 | Paid in capital | 20,000.00 |
| Real estate | 80,000.00 | Retained earnings | 19,000.00 |
| Fixed Assets | 114,000.00 | Equity | 39,000.00 |
| Total Assets | 158,000.00 | Total liabilities and equity | 158,000.00 |
| Assets | Liabilities and Equity | ||
| Cash | 9000 | Accounts payable | 18000 |
| Marketable securities | 2000 | Notes payable | 6000 |
| Accounts receivable | 4000 | Current liabilities | =SUM(D2:D3) |
| Inventory | 29000 | Long term debt | 95000 |
| Current Assets | =SUM(B2:B5) | Total liabilities | =D4+D5 |
| Machines | 34000 | Paid in capital | 20000 |
| Real estate | 80000 | Retained earnings | =D9-D7 |
| Fixed Assets | =B7+B8 | Equity | =D10-D6 |
| Total Assets | =B6+B9 | Total liabilities and equity | =B10 |
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