Question

The adjusted trial balance on December 31 of the Zebra Company contained the following accounts and balances:

Cash $ 500 Land $ 600
Service Revenue $4,500 Accounts Receivable 560
Prepaid Rent 700 Notes Payable 1,000
Supplies 250 Dividends 200
Accounts Payable 250 Unearned Revenue 500
Based on the above information only, what amount would be reported on the balance sheet for Total Assets?
-$ 6,700
-$ 1,250
-$ 2,610
-$1,100

Answer 1

The total assets to be reported on Zebra Company's balance sheet amount to $2,610, obtained by summing up all individual asset balances.

Step-by-step explanation:

The total assets reported on Zebra Company's balance sheet would be the sum of all asset accounts listed in the adjusted trial balance. These assets include Cash ($500), Land ($600), Accounts Receivable ($560), Prepaid Rent ($700), and Supplies ($250). The total calculated would be $500 + $600 + $560 + $700 + $250 = $2,610.