A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year? a. $45,000.

b. $92,000.

c. $98,000.

d. $210,000.

e. $282,000.

Question

Business

Noemi Flynn

17 April, 02:35

A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year? a. $45,000.

b. $92,000.

c. $98,000.

d. $210,000.

e. $282,000.

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Answers (1)

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Skyla Peck · Answer 1

e. $ 282,000

Explanation:

To determine the assets of the company at year end, we need to find the equity at year end, this is calculated as follows:

Opening Equity $ 145,000

Net Income for the year $ 45,000

Revenues $ 210,000

Expenses $ 165,000

Equity at end of year $ 190,000

The accounting equation is

Assets = Liabilities + Stockholders' Equity

Assets = $ 92,000 + $ 190,000 $ 282,000