Bargain Spot Fabrics This company's end-of-year balance sheet consisted of the following amounts:

-Refer to Bargain Spot Fabrics.What amount should the company report on its Balance Sheet for Total Assets?

Question

Bargain Spot Fabrics This company's end-of-year balance sheet consisted of the following amounts:

-Refer to Bargain Spot Fabrics.What amount should the company report on its Balance Sheet for Total Assets?

Quizplus · Accepted Answer

Total assets are calculated as the sum of current assets and non-current assets. Adding up the amounts in the balance sheet, we get $550,000 (current assets) + $300,000 (non-current assets) = $850,000 (total assets). Therefore, the correct answer is C) $850,000.

Bargain Spot Fabrics This Company's End-Of-Year Balance Sheet Consisted of the Following