Question

A company has $1,378 in inventory, $4,827 in net fixed assets, $664 in accounts receivable, $298 in cash, $626 in accounts payable, $1,043 in long-term debt, and $5,422 in equity. What are the company's total assets?

Answer 1

Answer:

$7,167

Explanation:

Assets are resources held by an entity as a result of a past event, for which future economic benefits will flow to the entity. it is further classified as current and non-current.

Examples include inventory, cash, accounts receivable, Fixed assets or Property plant and Equipment.

Given

Inventory = $1,378

Net fixed asset = $4,827

Accounts receivable = $664

Cash = $298

Total assets = $1,378 + $4,827 + $664 + $298

= $7,167