Misra Company compiled the following financial information as of December 31, 2018: $$\begin{array} { l r }
\text { Revenues } & \$ 340,000 \
\text { Retained earnings } ( 1 / 1 / 18 ) & 60,000 \
\text { Equipment } & 80,000 \
\text { Expenses } & 250,000 \
\text { Cash } & 90,000 \
\text { Dividends } & 20,000 \
\text { Supplies } & 10,000 \
\text { Accounts payable } & 40,000 \
\text { Accounts receivable } & 70,000 \
\text { Common stock } & 80,000
\end{array}$$
Misra's assets on December 31, 2018 are

Question

Misra Company compiled the following financial information as of December 31, 2018: $$\begin{array} { l r } 
\text { Revenues } & \$ 340,000 \
\text { Retained earnings } ( 1 / 1 / 18 ) & 60,000 \
\text { Equipment } & 80,000 \
\text { Expenses } & 250,000 \
\text { Cash } & 90,000 \
\text { Dividends } & 20,000 \
\text { Supplies } & 10,000 \
\text { Accounts payable } & 40,000 \
\text { Accounts receivable } & 70,000 \
\text { Common stock } & 80,000
\end{array}$$
 Misra's assets on December 31, 2018 are

Quizplus · Accepted Answer

Assets are calculated by summing cash, accounts receivable, equipment, and supplies: $90,000 + $70,000 + $80,000 + $10,000 = $250,000.

Misra Company Compiled the Following Financial Information as of December