Question

In: Accounting

Listed below are year-end account balances ($ in millions) taken from the records of Kingsley Enterprises....

Listed below are year-end account balances ($ in millions) taken from the records of Kingsley Enterprises.

Debit Credit
Accounts receivable 670
Building and equipment 938
Cash 49
Interest receivable 49
Inventory 31
Land 161
Notes receivable (long-term) 479
Prepaid rent 29
Supplies 9
Trademark 47
Accounts payable 692
Accumulated depreciation 67
Additional paid-in capital 473
Dividends payable 26
Common stock (at par) 15
Income tax payable 53
Notes payable (long-term) 817
Retained earnings 296
Deferred revenue 23
TOTALS 2,462 2,462

What would Kingsley report as total assets?

rev: 09_26_2019_QC_CS-182332

Multiple Choice

  • $2,405 millions.

  • $2,395 millions.

  • $1,560 millions.

  • $2,472 millions.

Solutions

Expert Solution

Correct answer------------$2,395 millions.

Working

$ in Million
Accounts receivable $       670.00
Building and equipment $ 938.00
Less: Accumulated depreciation $ (67.00) $          871.00
Cash $         49.00
Interest receivable $         49.00
Inventory $         31.00
Land $       161.00
Notes receivable (long-term) $       479.00
Prepaid rent $         29.00
Supplies $          9.00
Trademark $         47.00
TOTAL ASSETS $      2,395.00

ekkarill92 answered 1 year ago
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