A company had total equity of $89,000 on January 1,2014.The following information is available for the year ended December 31,2014:
$$\begin{array} { | l | r | }
\hline 2014 \text { revenues } & \$ 350,000 \
\hline 2014 \text { expenses } & 403,000 \
\hline \text { Liabilities, at December } 31,2014 & 27,000 \
\hline
\end{array}$$
What are the total assets of the company at December 31,2014?
A) $27,000
B) $36,000
C) $53,000
D) $63,000
E) $350,000

Question

A company had total equity of $89,000 on January 1,2014.The following information is available for the year ended December 31,2014:
$$\begin{array} { | l | r | } 
\hline 2014 \text { revenues } & \$ 350,000 \
\hline 2014 \text { expenses } & 403,000 \
\hline \text { Liabilities, at December } 31,2014 & 27,000 \
\hline
\end{array}$$
What are the total assets of the company at December 31,2014?
A) $27,000
B) $36,000
C) $53,000
D) $63,000
E) $350,000

Quizplus · Accepted Answer

Total assets = Total liabilities + Total equity= $27,000 + $89,000= $116,000

A Company Had Total Equity of $89,000 on January 1,2014