The following accounts were taken from ABC Company Solution Calculation of Total Assets: .

1. The following accounts were taken from ABC Company
Solution
Calculation of Total Assets:
Amount($)
Account Receivable 64,000
+Building 81,000
+Cash 30,000
+Equipment 68,000
Less: Accumulated Depreciation (27,000 + 4,000) 31,000
+Inventory 62,000
+Prepaid Insurance (for 20 months) (18,000 / 24 x 20) 15,000
+Trademark 31,000
Total Assets 320,000