skipper navigation company, inc. trial balance december 31, 2024 account title balance debit credit cash…

skipper navigation company, inc. trial balance december 31, 2024 account title balance debit credit cash $45,000 accounts receivable 11,000 supplies 23,000 equipment 230,000 accounts payable $4,000 note payable 110,000 common stock 40,000 retained reanings 35,000 service revenue 182,000 salary expense 42,000 insurance expense 20,000 total $371,000 $371,000 what amount of total assets should skipper navigation company report at december 31, 2024? a. $371,000 b. $56,000 c. $230,000 d. $309,000

skipper navigation company, inc. trial balance december 31, 2024 account title balance debit credit cash $45,000 accounts receivable 11,000 supplies 23,000 equipment 230,000 accounts payable $4,000 note payable 110,000 common stock 40,000 retained reanings 35,000 service revenue 182,000 salary expense 42,000 insurance expense 20,000 total $371,000 $371,000 what amount of total assets should skipper navigation company report at december 31, 2024? a. $371,000 b. $56,000 c. $230,000 d. $309,000

Answer

Explanation:

Step1: Identify asset accounts

Asset accounts are Cash, Accounts Receivable, Supplies, Equipment.

Step2: Sum up asset - account balances

$45000 + 11000+23000 + 230000=309000$

Answer:

D. $309,000$