Harbor City Corporation's end-of-year balance sheet consisted of the following amounts: What amount should Harbor City report on its balance sheet for total assets?

Question

Harbor City Corporation's end-of-year balance sheet consisted of the following amounts:  What amount should Harbor City report on its balance sheet for total assets?

Quizplus · Accepted Answer

Total assets can be calculated by adding up all the asset categories listed in the balance sheet. Based on the given amounts, the total assets would be: 
$50,000 + $35,000 + $30,000 + $15,000 + $40,000 = $170,000. Therefore, the best choice is C.

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