a company had the following accounts and balances as of december 31:\naccount debit credit\ncash…

a company had the following accounts and balances as of december 31:\naccount debit credit\ncash $20,000\naccounts receivable 2,000\nsupplies 1,500\nprepaid insurance 1,400\naccounts payable $4,000\ntotal equity 14,000\nlodging revenue 7,000\nsalaries expense 500\nutilities expense $25,900\ntotals $25,900\nusing the information in the table, calculate the total assets reported on the balance - sheet for the period.

a company had the following accounts and balances as of december 31:\naccount debit credit\ncash $20,000\naccounts receivable 2,000\nsupplies 1,500\nprepaid insurance 1,400\naccounts payable $4,000\ntotal equity 14,000\nlodging revenue 7,000\nsalaries expense 500\nutilities expense $25,900\ntotals $25,900\nusing the information in the table, calculate the total assets reported on the balance - sheet for the period.

Answer

Explanation:

Step1: Identify asset accounts

Assets include Cash, Accounts Receivable, Supplies, and Pre - paid Insurance.

Step2: Calculate total assets

Total assets = Cash + Accounts Receivable+ Supplies + Pre - paid Insurance. Substitute the values: $20900 + 7000+2000 + 1500$. $20900+7000 = 27900$, $27900+2000 = 29900$, $29900 + 1500=31400$.

Answer:

$31,400$