Ronald Corporation’s end-of-year balance sheet consisted of the following amount
ID: 2541677 • Letter: R
Question
Ronald Corporation’s end-of-year balance sheet consisted of the following amounts:
Cash
$ 25,000
Accounts receivable
$ 48,000
Property, plant, and equipment
69,000
Long-term debt
40,000
Capital stock
100,000
Accounts payable
20,000
Retained earnings
?
Inventory
33,000
What amount should Ronald report on its balance sheet for total assets?
a. $175,000
b. $141,000
c. $195,000
d. $194,000
Cash
$ 25,000
Accounts receivable
$ 48,000
Property, plant, and equipment
69,000
Long-term debt
40,000
Capital stock
100,000
Accounts payable
20,000
Retained earnings
?
Inventory
33,000
Explanation / Answer
total assets=Cash+Property, plant, and equipment+AR+Inventory
=(25000+69000+48000+33000)
which is equal to
=$175000.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.