Question

Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue $834000 Common stock 196000 Equipment 246000 Operating expenses 745000 Cash 216000 Dividends 65000 Supplies 33000 Accounts payable 113000 Accounts receivable 92500 Retained earnings, 1/1/22 439000 Waterway's assets on December 31, 2022 are: $492000. $587500. $1427500. $1037500.

Answer 1

If Waterway Industries compiled the financial information as of December 31, 2022. Waterway's assets on December 31, 2022 are: $587500.

Assets

Using this formula

Assets=Equipment+Cash+Supplies+Accounts receivable

Where:

Equipment=$246000

Cash=$216000

Supplies=$33000

Accounts receivable=$92500

Let plug in the formula

Assets=$246,000 + $216,000 + $33,000 + $92,500

Assets =$587500

Therefore If Waterway Industries compiled the financial information as of December 31, 2022. Waterway's assets on December 31, 2022 are: $587500.

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