Question

Bravo's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,200, Prepaid Rent $2,000, Supplies $400, Bank Loan $1,600, and Tools $300. Bravo's total assets are:________. (All account balances are normal.)

Answer 1

Total Assets=$13,500

Step-by-step explanation:

Assets are items which are used by any company or firm for positive economic value production.

In our problem, we have to find total assets.

Given Data:

Accounts Receivable=$800

Equipment=$10,000

Accounts Payable=$4,200

Prepaid Rent=$2,000

Supplies=$400

Bank Loan=$1,600

Tools= $300

Total Assets=Accounts Receivable+Equipment+Prepaid Rent+Supplies+ Tools

Total Assets=$800+$10,000+$2,000+$400+$300

Total Assets=$13,500