Question

"The following table contains financial information for Trumpeter Inc. before closing entries:

Cash $12,200
Supplies 6,200
Prepaid Rent 2,600
Salary Expense 5,600
Equipment 66,700
Service Revenue 28,200
Miscellaneous Expenses 21,700
Dividends 4,000
Accounts Payable 5,000
Common Stock 66,700
Retained Earnings 19,100


What is the amount of Trumpeter's total assets?"

Answer 1

The total assets of Trumpeter Inc. are calculated by adding the value of all assets provided in the financial information, which results in $87,700.

Step-by-step explanation:

To calculate the amount of Trumpeter Inc.'s total assets, we need to add up all the assets listed in the financial information.

Assets typically include cash, supplies, prepaid expenses, equipment, and other valuable items a company owns. In this case, Trumpeter Inc.'s total assets are the sum of Cash ($12,200), Supplies ($6,200), Prepaid Rent ($2,600), and Equipment ($66,700). Therefore, the calculation for the total assets is as follows:

Cash + Supplies + Prepaid Rent + Equipment = Total Assets

$12,200 + $6,200 + $2,600 + $66,700 = $87,700

Hence, the amount of Trumpeter's total assets is $87,700.

The total assets of Trumpeter Inc. are calculated by adding the value of all assets provided in the financial information, which results in $87,700.