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

Next > < Previous

Related Solutions

Nabors Company reported the following current assets and liabilities for December 31 for two recent years:

Nabors Company reported the following current assets and liabilities for December 31 for two recent years:Dec. 31, Current YearDec. 31, Previous YearCash$1,850$2,490Temporary investments4,0305,580Accounts receivable7,5603,810Inventory3,0202,970Accounts payable8,4006,600Required:a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place.Quick RatioDecember 31, current yearDecember 31, previous yearb. Is the quick ratio improving or declining?A business issued a 45-day, 4% note for $240,000 to a creditor on account.Journalize the entries to record (a) the issuance of the...

Nabros Company reported the following current assets and liabilities for December 31 for two recent years

Nabros Company reported the following current assets and liabilities for December 31 for two recent yearsParticularsDec 31,Current year Dec 31,Previous yearCash650680Temporary Investments1,5001,550Accounts Receivable700770Inventory1,2501,400Accounts payable2,3752,000(a) Compute the quick ratio on December 31 of both year(b) Interpret the company 's Quick ratio.Is the quick ratio improving or declining

Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two...

Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash $550 $670 Temporary investments 1,200 1,500 Accounts receivable 1,750 1,030 Inventory 900 900 Accounts payable 2,500 2,000 Required: a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio...

At December 31, 2016, Stacy McGill Corporation reported current assets of $370,000 and current liabilities of...

At December 31, 2016, Stacy McGill Corporation reported current assets of $370,000 and current liabilities of $200,000. The following items may have been recorded incorrectly. 1. Goods purchased costing $22,000 were shipped f.o.b. shipping point by a supplier on December 28. McGill received and recorded the invoice on December 29, 2016, but the goods were not included in McGill’s physical count of inventory because they were not received until January 4, 2017. 2. Goods purchased costing $15,000 were shipped f.o.b....

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 8.0%...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 8.0% convertible bonds, callable at 102 beginning in 2019, due 2022 (net of unamortized discount of $4) [note 8] $146 11.0% registered bonds callable at 105 beginning in 2028, due 2032 (net of unamortized discount of $1) [note 8] 54 Shareholders’ Equity 5 Equity—stock warrants Note 8: Bonds (in part) The 8.0% bonds were issued in 2005 at 96.0 to yield 10%. Interest is paid...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 9.0%...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 9.0% convertible bonds, callable at 104 beginning in 2019, due 2022 (net of unamortized discount of $3) [note 8] $197 11.0% registered bonds callable at 107 beginning in 2028, due 2032 (net of unamortized discount of $1) [note 8] 66 Shareholders’ Equity 6 Equity—stock warrants Note 8: Bonds (in part) The 9.0% bonds were issued in 2005 at 97.5 to yield 10%. Interest is paid...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 7.0%...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 7.0% convertible bonds, callable at 102 beginning in 2019, due 2022 (net of unamortized discount of $3) [note 8] $247 11.0% registered bonds callable at 105 beginning in 2028, due 2032 (net of unamortized discount of $1) [note 8] 56 Shareholders’ Equity 5 Equity—stock warrants Note 8: Bonds (in part) The 7.0% bonds were issued in 2005 at 98.0 to yield 10%. Interest is paid...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 11.0%...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 11.0% convertible bonds, callable at 104 beginning in 2019, due 2022 (net of unamortized discount of $7) [note 8] $293 11.0% registered bonds callable at 107 beginning in 2028, due 2032 (net of unamortized discount of $2) [note 8] 62 Shareholders’ Equity 8 Equity—stock warrants Note 8: Bonds (in part) The 11.0% bonds were issued in 2005 at 97.0 to yield 10%. Interest is paid...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 10.0%...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 10.0% convertible bonds, callable at 103 beginning in 2019, due 2022 (net of unamortized discount of $5) [note 8] $195 11.0% registered bonds callable at 106 beginning in 2028, due 2032 (net of unamortized discount of $2) [note 8] 63 Shareholders’ Equity 5 Equity—stock warrants Note 8: Bonds (in part) The 10.0% bonds were issued in 2005 at 97.5 to yield 10%. Interest is paid...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 11.0%...

Bradley-Link’s December 31, 2018, balance sheet included the following items: Long-Term Liabilities ($ in millions) 11.0% convertible bonds, callable at 102 beginning in 2019, due 2022 (net of unamortized discount of $5) [note 8] $245 11.0% registered bonds callable at 105 beginning in 2028, due 2032 (net of unamortized discount of $1) [note 8] 68 Shareholders’ Equity 6 Equity—stock warrants Note 8: Bonds (in part) The 11.0% bonds were issued in 2005 at 98.0 to yield 10%. Interest is paid...

Subjects