A company reported total equity of $145,000 on its December 31,2010,balance sheet.The following information is available for the year ended December 31,2011:
2011 Revenues……………..$210,000
2011 Expenses……………….165,000
Liabilities,at December 31,2011…. 92,000
What are the total assets of the company at December 31,2011?
A)$45,000
B)$92,000
C)$190,000
D)$210,000
E)$282,000

Question

Quizplus · Accepted Answer

2011 net income = $210,000 - $165,000 = $45,000
2011 year-end equity = $145,000 + $45,000 = $190,000
2011 year-end assets = $92,000 + $190,000 = $282,000

A Company Reported Total Equity of $145,000 on Its December