A company reported total equity of $145,000 on its December 31,2013,balance sheet.The following information is available for the year ended December 31,2014:
2014 revenues……………..$210,000
2014 expenses……………….165,000
Liabilities,at December 31,2014….92,000
What are the total assets of the company at December 31,2014?
A) $45,000
B) $92,000
C) $190,000
D) $210,000
E) $282,000

Question

Quizplus · Accepted Answer

2014 net income = $210,000 - $165,000 = $45,000
2014 year-end equity = $145,000 + $45,000 = $190,000
2014 year-end assets = $92,000 + $190,000 = $282,000

A Company Reported Total Equity of $145,000 on Its December