Question

A company's financial records at the end of the year including the following amounts:

Cash $ 71,600
Accounts receivable 29,600
Supplies 5,600
Accounts payable 11,600
Notes payable 5,800
Retained earnings, beginning of year 18,600
Common stock 56,000
Service revenue 42,600
Wages expense 9,600
Advertising expense 6,600
Rent expense 11,600
What is the amount of total assets to be reported on the balance sheet at the end of the year?
a. $118,400.
b. $149,400.
c. $106,800.
d. $125,400.

Answer 1

The amount of total assets to be reported on the balance sheet at the end of the year is $106,800. The correct option is: c.

Step-by-step explanation:

In order to determine the amount of total assets to be reported on the balance sheet at the end of the year, we need to add up all the company's assets. The assets mentioned in the question are:

Adding these amounts, we get: $71,600 + $29,600 + $5,600 = $106,800. Therefore, the correct answer is (c) $106,800.