A company reported total stockholders' equity of $580,000 on its Dec 31, 2018, balance sheet. The following information is available for the year ended Dec 31, 2019:
What are the total assets of the company on December 31, 2019?

Question

A company reported total stockholders' equity of $580,000 on its Dec 31, 2018, balance sheet. The following information is available for the year ended Dec 31, 2019:
 What are the total assets of the company on December 31, 2019?

Quizplus · Accepted Answer

Stockholders' equity 12/31/19 = Stockholders' equity 12/31/18 + Revenue - Expenses
X = $580,000 + $1,240,000 - $660,000
X = $1,160,000
Assets = Stockholders' equity + Liabilities
X = $1,160,000 + $288,000
X = $1,448,000

A Company Reported Total Stockholders' Equity of $580,000 on Its