Use the following information to answer the next 4 questions. The following adju

Question

Use the following information to answer the next 4 questions. The following adjusted balance information is taken from the books of Tricia Company on December 31, 2012: Sales Equipment Retained Earnings, 1/1/2012 Bad Debt Expense Cash Sales Discounts Purchases Selling Expense Depreciation Expense Administrative Expense Accounts Receivable Accounts Payable Inventory, 1/1/2012 Accumulated Depreciation Common Stock Allowance for Bad Debts Sales Returns and Allowances Purchases Returns and Allowances Insurance Expense Purchases Discounts Prepaid Insurance Transportation in 2,300 1,000 500 50 1,850 200 400 1,800 40 20 900 60 200 80 20 230 80 90 800 500 Inventory, 12/31/2012 300

Explanation / Answer

Calculate total assets :

So answer is c) $3740

Assets Current assets Cash 1850 Account receivable 800 Less: Allowance for doubtful accounts -40 760 Inventory 300 Prepaid insurance 230 Total current assets 3140 Non current assets Equipment 1000 Less: Accumlated dep -400 600 Total Non current assets 600 Total Assets 3740

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