Elston Company compiled the following financial information as of December 31, 2014:Service Revenue $700,000Common Stock $150,000Equipment $200,000Operating Expenses $625,000Cash $175,000Dividends $50,000Supplies $25,000Accounts Payable $100,000Accounts Receivable $75,000Retained Earnings, Jan 1, 2014 $375,000Elston's assets on December 31, 2014 are

Question

Business

Felipe Deleon

16 June, 12:10

Elston Company compiled the following financial information as of December 31, 2014:Service Revenue $700,000Common Stock $150,000Equipment $200,000Operating Expenses $625,000Cash $175,000Dividends $50,000Supplies $25,000Accounts Payable $100,000Accounts Receivable $75,000Retained Earnings, Jan 1, 2014 $375,000Elston's assets on December 31, 2014 are

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Answers (2)

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Paloma Todd · Answer 1

Equipment $200,000

Supplies $25,000

Accounts Receivable $75,000

Explanation:

Assets are any resource with economic value with the expectation that it will provide a future benefit.

An asset can be thought of as something that can generate cash flow, reduce expenses, or improve sales.

Equipment, Supplies and Accounts Receivable belong to Assets.

Service Revenue, Common Stock, Operating Expenses, Dividends & Retained Earnings are part of Stockholders' Equity.

Finally, Accounts Payable is a Liability.

Adelaide Moody · Answer 2

Answer: Total Assets as at 31 December 2014 = $ 475000

Explanation:

The question is incomplete or unclear with regards to what the question requires us to do exactly,

It is not clear what the question wants us to calculate.

how ever because of the last statement in the question "Elton's Asset on December 31 are "

I believe the question wants us to calculate the Total assets of the company Elton

Elton's Assets

Equipment = $ 200 000

Cash = $ 175000

Supplies = $ 25000

Accounts receivable = $ 75000

Total Assets = 200000 + 175000 + 25000 + 75000 = 475000

Total Assets Balance as at 31 December 2014 = $ 475000