Sun City Corporation's end-of-year balance sheet consisted of the following amounts: What amount should Sun City report on its balance sheet for total assets?
$$\begin{array} { l r l r }
\text { Cash } & \$ 25,000 & \text { Accounts receivable } & \$ 70,000 \
\text { Property, plant, and equipment } & 70,000 & \text { Long-term debt } & 40,000 \
\text { Capital stock } & 100,000 & \text { Accounts payable } & 20,000 \
\text { Retained earnings } & ? & \text { Inventory } & 35,000
\end{array}$$

Question

Sun City Corporation's end-of-year balance sheet consisted of the following amounts: What amount should Sun City report on its balance sheet for total assets?
$$\begin{array} { l r l r } 
\text { Cash } & \$ 25,000 & \text { Accounts receivable } & \$ 70,000 \
\text { Property, plant, and equipment } & 70,000 & \text { Long-term debt } & 40,000 \
\text { Capital stock } & 100,000 & \text { Accounts payable } & 20,000 \
\text { Retained earnings } & ? & \text { Inventory } & 35,000
\end{array}$$

Quizplus · Accepted Answer

Total assets are calculated by adding Cash, Accounts receivable, Property, plant, and equipment, and Inventory. Thus, $25,000 + $70,000 + $70,000 + $35,000 = $200,000.

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