Golden Company had the following accounts and balances at the end of the year. W
ID: 2552451 • Letter: G
Question
Golden Company had the following accounts and balances at the end of the year. What are total assets at the end of the year?
Cash
$75,000
Accounts Payable
$14,000
Common Stock
$21,000
Cost of Goods Sold
$95,000
Dividends Declared and Paid
$12,000
Operating Expenses
$12,000
Accounts Receivable
$55,000
Inventory
$42,000
Long-term Notes Payable
$33,000
Revenues
$130,000
Salaries Payable
$28,000
A) $75,000
B) $117,000
C) $130,000
D) $172,000
Cash
$75,000
Accounts Payable
$14,000
Common Stock
$21,000
Cost of Goods Sold
$95,000
Dividends Declared and Paid
$12,000
Operating Expenses
$12,000
Accounts Receivable
$55,000
Inventory
$42,000
Long-term Notes Payable
$33,000
Revenues
$130,000
Salaries Payable
$28,000
Explanation / Answer
total assets at the end of the year=Cash+AR+inventory
=(75000+55000+42000)
which is equal to
$172000.
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