Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Accounting (https://www.askmehelpdesk.com/showthread.php?t=765485)

  • Sep 3, 2013, 12:44 AM
    Bmcarretta
    Accounting
    A company reported total equity of $145,000 on its December 31, 2008, balance sheet. The following information is available for the year ended December 31, 2009: Picture
    What are the total assets of the company at December 31, 2009?
    $92,000
    $282,000
    $190,000
    $210,000
    $45,000
  • Sep 3, 2013, 07:14 AM
    pready
    You just have amounts listed, not what the amounts are for, so you do not have enough information provided to solve your problem.
  • Sep 3, 2013, 07:50 AM
    Bmcarretta
    I'm sorry about the amounts, they were not supposed to be there. Blanca



    A company reported total equity of $145,000 on its December 31, 2008, balance sheet. The following information is available for the year ended December 31, 2009: Picture
    What are the total assets of the company at December 31, 2009?
  • Sep 3, 2013, 08:26 AM
    pready
    The basic accounting equation is:
    Assets = Equity + Liabilities

    You only have the Equity amount so you do not have enough information to solve for Assets. You have to know Liabilities or have a way to solve for liabilities with additional information.

    Based on what you have posted you should have some additional information for year 2008 or 2009 that will allow you to solve for Assets at year end 2009.

  • All times are GMT -7. The time now is 05:11 AM.