Answer:
$314,000
Explanation:
The computation of total assets is shown below:-
Total equity = $161,000
Revenue = $226,000
Expenses = $173,000
Liabilities at the end of the year = $100,000
Income of the year = $226,000 - $173,000
= $53,000
Total assets of the company at the end of the year = (Total Stock Holders Equity) + Total Liabilities
=(Total equity at the beginning of the year + Income for the year ) + Liabilities at the end of the year
= $161,000 + $53,000 + $100,000
= $314,000
Answer:
a. $15,710
b. Journal entry
Explanation:
a. The adjusted balance on the bank reconciliation is shown below:
= Balance per bank + deposit in transit - outstanding checks
= $18,800 + $3,750 - $6,840
= $15,710
b. The journal entry is as follows
Bank service charges $20
To Cash $20
(Being the cash is paid is recorded)
We simply do the above calculations and the journal entry to record this transaction
