Answer:
The amount of the total assets to be reported on the balance sheet is $151,200
Explanation:
The total assets comprise of current assets, fixed assets ,and the intangible assets
The current assets include cash, stock, account receivable, etc
Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.
And, the intangible assets include patents, copyrights, goodwill, etc.
The computation of the total assets are shown below:
= Cash + inventory + equipment
where,
Cash = Cash contribution - purchase of inventory for cash - equipment purchased for cash + borrowed amount
= $60,400 - $10,400 - $10,000 + $30,400
= $70,400
And, the remaining items values would remain the same
Now put these values to the above formula
So, the value would equal to
= $70,400 + $10,400 + $70,400
= $151,200
