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A company has these balances as of december 31 cash 20000 fixed assets 35000 accumulated depreciation 20000 accounts payable 5000 what are the total assets?
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3 votes
3 votes
A company has these balances as of december 31

cash 20000 fixed assets 35000 accumulated depreciation 20000 accounts payable 5000
what are the total assets?

User Malthe
by
2.4k points

1 Answer

27 votes
27 votes

Answer:

Total asset = 55000

Step-by-step explanation:

Below is the following calculations:

Cash amount = 20000

Fixed assets = 35000

Accumulated depreciation = 20000

Accounts payable = 5000

The total assets = Cash + fixed assets

Total asset = 20000 + 35000

Total asset = 55000

Not- Accumulated depreciation should be deducted from the gross assets.

User Josh Powlison
by
2.7k points
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