gerald company has the following account balances at the end of the first year of operations: revenues…

gerald company has the following account balances at the end of the first year of operations: revenues $102,000 salaries expense $36,000 dividends $11,000 utilities expense $11,000 advertising expense $8,000 cash $39,000 land $55,000 common stock $58,000 what are total assets at the end of the first year? a. $225,000 b. $94,000 c. $39,000 d. $123,000

gerald company has the following account balances at the end of the first year of operations: revenues $102,000 salaries expense $36,000 dividends $11,000 utilities expense $11,000 advertising expense $8,000 cash $39,000 land $55,000 common stock $58,000 what are total assets at the end of the first year? a. $225,000 b. $94,000 c. $39,000 d. $123,000

Answer

Explanation:

Step1: Identify asset accounts

Assets include cash and land.

Step2: Calculate total assets

Total assets = Cash + Land = $39000 + 55000$ $= 94000$

Answer:

B. $94,000$