based on the following data, what is the amount of total assets?\n• accounts payable $60,500\n• accounts…

based on the following data, what is the amount of total assets?\n• accounts payable $60,500\n• accounts receivable 88,500\n• cash 74,000\n• intangible assets 20,500\n• inventory 39,000\n• long - term investments 75,000\n• long - term liabilities 37,000\n• short - term investments 8,000\n• notes payable, due in 2 years 6,500\n• property, plant, and equipment 55,000\n• prepaid insurance 4,000\n(a) $250,000\n(b) $213,500\n(c) $104,000\n(d) $364,000

based on the following data, what is the amount of total assets?\n• accounts payable $60,500\n• accounts receivable 88,500\n• cash 74,000\n• intangible assets 20,500\n• inventory 39,000\n• long - term investments 75,000\n• long - term liabilities 37,000\n• short - term investments 8,000\n• notes payable, due in 2 years 6,500\n• property, plant, and equipment 55,000\n• prepaid insurance 4,000\n(a) $250,000\n(b) $213,500\n(c) $104,000\n(d) $364,000

Answer

Explanation:

Step1: Identify asset - related items

Assets include accounts receivable, cash, intangible assets, inventory, long - term investments, short - term investments, property, plant and equipment, prepaid insurance.

Step2: Sum up asset amounts

[ \begin{align*} &88500 + 74000+20500 + 39000+75000+8000+55000+4000\ =&(88500+74000)+20500 + 39000+(75000+8000)+55000+4000\ =&162500+20500 + 39000+83000+55000+4000\ =&(162500+20500)+ 39000+83000+55000+4000\ =&183000+ 39000+83000+55000+4000\ =&(183000+ 39000)+83000+55000+4000\ =&222000+83000+55000+4000\ =&(222000+83000)+55000+4000\ =&305000+55000+4000\ =&(305000+55000)+4000\ =&360000+4000\ =&364000 \end{align*} ]

Answer:

D. $364,000