Question

In its 2013 annual report, Snap-On Incorporated reported the following (in millions):

Current assets $1,796.2

Total shareholdersâ equity $2,130.4

Total liabilities $1,979.6

What did Snap-On report as total assets at year-end 2013?

a. $3,775.8 million

b. $1,796.2 million

c. $4,110.0 million

d. $3,926.6 million

e. None of the above

Answer 1

Option (c) is correct.

Step-by-step explanation:

Given that,

Current assets = $1,796.2

Total shareholders equity = $2,130.4

Total liabilities = $1,979.6

Accounting equation is as follows:

Assets = Total liabilities + Total Stockholder's equity

= $1,979.6 + $2,130.4

= $4,110 million

Therefore, the Snap-On report as total assets at year-end 2013 is $4,110 million.