Lawton Corporation's endofyear balance sheet consisted of the following amounts: What amount should Lawton report on its balance sheet for total assets?

Question

Lawton Corporation's end­of­year balance sheet consisted of the following amounts:  What amount should Lawton report on its balance sheet for total assets?

Quizplus · Accepted Answer

To determine the total assets, we add up all the assets listed on the balance sheet. 
$50,000 + $70,000 + $20,000 + $55,000 = $195,000. Therefore, the correct amount to report on the balance sheet for total assets is $195,000.

Lawton Corporation's End­of­year Balance Sheet Consisted of the Following Amounts

Lawton Corporation's Endofyear Balance Sheet Consisted of the Following Amounts