Davis Company has the following accounts and balances at the end of the year:
Cash, $1,200
Accounts Receivable, $280
Office Equipment, $3,000
Accounts Payable, $1,400
Income from Services, $3,500
Rent Expense, $670
Salaries Expense, $1,000
R.Davis, Capital at the beginning of the year was $2,050. Rob Davis also withdrew $800 from the company during the year. What is the amount of total assets reported on the balance sheet?

Question

Davis Company has the following accounts and balances at the end of the year: 
Cash, $1,200
Accounts Receivable, $280
Office Equipment, $3,000
Accounts Payable, $1,400
Income from Services, $3,500
Rent Expense, $670
Salaries Expense, $1,000
R.Davis, Capital at the beginning of the year was $2,050. Rob Davis also withdrew $800 from the company during the year. What is the amount of total assets reported on the balance sheet?

Quizplus · Accepted Answer

Total assets are calculated by adding up all the asset accounts. In this case, Cash ($1,200) + Accounts Receivable ($280) + Office Equipment ($3,000) = $4,480.

Davis Company Has the Following Accounts and Balances at the End