Question

The following information has been extracted from the financial statements of a company. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. Total Current Assets in 2016 = $20,000 Net Fixed Assets in 2016 = $150,000 Total Current Liabilities in 2016 = $10,000 Net Income in 2016 = $10,000 Common dividends in 2016 = $2,000 Retained earnings in Balance Sheet 2015 = $20,000 Common Stock in 2015 = $70,000 There is no other items in the stock owners section in the balance sheets of 2015 and 2016. There is no issuance of equity in 2016. 1. What is the amount for Total Assets in 2016?

Answer 1

$170,000

Step-by-step explanation:

Given that,

Total Current Assets in 2016 = $20,000

Net Fixed Assets in 2016 = $150,000

Total Current Liabilities in 2016 = $10,000

Net Income in 2016 = $10,000

Common dividends in 2016 = $2,000

Retained earnings in Balance Sheet 2015 = $20,000

Common Stock in 2015 = $70,000

Total Assets in 2016:

= Total current assets in 2016 + Net Fixed Assets in 2016

= $20,000 + $150,000

= $170,000

Therefore, the amount for Total Assets in 2016 is $170,000.