The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $$\begin{array} { l lll}
\text { Cash } & \$ 3,400& \text { Accounts receivable } & \$ 1,450 \
\text { Dividends} & 1,700& \text { common stock } & 2,175 \
\text { Land } & 2,000 &\text { Revenue } & 2,000 \
\text { Accounts payable } & 1,050 &\text { Expense } & 1,150
\end{array}$$ What is the amount of total assets on Carolina's December 31, Year 1 balance sheet?
A) $6,850
B) $5,400
C) $8,550
D) $8,850

Question

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $$\begin{array} { l lll} 
\text { Cash } & \$ 3,400& \text { Accounts receivable } & \$ 1,450 \
\text { Dividends} & 1,700& \text { common stock } & 2,175 \
\text { Land } & 2,000 &\text { Revenue } & 2,000 \
\text { Accounts payable } & 1,050 &\text { Expense } & 1,150
\end{array}$$ What is the amount of total assets on Carolina's December 31, Year 1 balance sheet?
A) $6,850
B) $5,400
C) $8,550
D) $8,850

Quizplus · Accepted Answer

Total assets = Cash + Accounts receivable + Land = $3,400 + $1,450 + $2,000 = $6,850

The Following Pre-Closing Accounts and Balances Were Drawn from the Records