Use your knowledge of balance sheets to fill in the missing amounts: <?xml:names
ID: 2688086 • Letter: U
Question
Use your knowledge of balance sheets to fill in the missing amounts: <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?>
ASSETS
Cash
$10,000
Accounts receivable
100,000
Inventory
-----------
Total current assets
220,000
Gross plant and equipment
500,000
Less: accumulated depreciation
-----------
Net plant and equipment
375,000
Total assets
-----------
ASSETS
Cash
$10,000
Accounts receivable
100,000
Inventory
-----------
Total current assets
220,000
Gross plant and equipment
500,000
Less: accumulated depreciation
-----------
Net plant and equipment
375,000
Total assets
-----------
Explanation / Answer
INVENTORY = 110,000 Less: accumulated depreciation = 500,000-375,000 = 125,000 Total assets = 220,000 + 375,000 = 595,000
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