Harbor City Corporation's end-of-year balance sheet consisted of the following amounts: ? $\begin{array} { l c c r } \text { Cash } & \$ 15,000 & \text { Accounts receivable } & \$ 50,000 \\\text { Froperty, plant, and equipment } & 70,000 & \text { Long-term debt } & 40,000 \\\text { Capital stock } & 100,000 & \text { Accounts payable } & 20,000 \\\text { Retained earnings } & ? & \text { Inventory } & 35,000\end{array}$ ?
What amount should Harbor City report on its balance sheet for total assets?

Question

Harbor City Corporation's end-of-year balance sheet consisted of the following amounts: ?

\begin{array} { l c c r } \text { Cash } & \$ 15,000 & \text { Accounts receivable } & \$ 50,000 \\\text { Froperty, plant, and equipment } & 70,000 & \text { Long-term debt } & 40,000 \\\text { Capital stock } & 100,000 & \text { Accounts payable } & 20,000 \\\text { Retained earnings } & ? & \text { Inventory } & 35,000\end{array}

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What amount should Harbor City report on its balance sheet for total assets?

Quizplus · Accepted Answer

Total assets are calculated by adding Cash, Accounts Receivable, Property, Plant, and Equipment, and Inventory. Thus, $15,000 + $50,000 + $70,000 + $35,000 = $170,000.

Harbor City Corporation's End-Of-Year Balance Sheet Consisted of the Following