Question

In: Accounting

On December 31, Nate Inc. reported the following (in millions): Current Assets Current Liabilities Long-term Liabilities...

On December 31, Nate Inc. reported the following (in millions):

Current Assets Current Liabilities Long-term Liabilities Equity
$4,863 $4,544 $5,939 $1,305


What amount did the company report as total assets?

Select one:

a. $6,925 million

b. None of the these are correct.

c. $16,651 million

d. $10,483 million

e. $14,041 million

Solutions

Expert Solution

Correct option is b) ''None of these are correct''

As per accounting equation Total Assets is equal to sum of total libailities and stakeholder equity. Which is shown as under:

Total Assets=Total liabilities+Equity

=Current liabilities+Long-term liability+Equity

=$4,544+$5,939+$1,305

Total Assets=$11,788

ekkarill92 answered 2 years ago
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