Question

The liabilities of Blue Spruce Company are $87,000. Common stock account is $145,000; dividends are $44,000; revenues, $462,000; and expenses, $318,000. What is the amount of Blue Spruce Company’s total assets?

Answer 1

Answer:

$332,000

Explanation:

Given that,

Liabilities = $87,000

Common stock = $ 145,000

Revenue = $ 462,000

Expenses = $ 318,000

Dividends = $ 44,000

Total assets = Liabilities + Common stock + Revenue – Expenses – Dividends

                     = $87,000 + $ 145,000 + $ 462,000 - $ 318,000 - $ 44,000

                     = $ 694,000 - $ 362,000

                    = $332,000

Therefore, the amount of Blue Spruce Company’s total assets is $332,000.