Question

Jacob's Escape has accounts payable of $2,214, inventory of $7,950, cash of $1,263, fixed assets of $8,400, and accounts receivable of $3,907. What is the total value of Jacob's Escape's assets?

1) $2,214
2) $7,950
3) $1,263
4) $8,400
5) $3,907

Answer 1

The total value of Jacob's Escape's assets is $21,520, which includes accounts receivable, inventory, cash, and fixed assets. The given options in the question do not include this total, hinting at an error in the available choices.

Step-by-step explanation:

The total value of Jacob's Escape's assets is calculated by adding together the various assets listed: accounts receivable, inventory, cash, and fixed assets. The accounts payable value is a liability, not an asset, so it is not included in the calculation of total assets.

The calculation of total assets would be as follows: $3,907 (accounts receivable) + $7,950 (inventory) + $1,263 (cash) + $8,400 (fixed assets) = $21,520. Therefore, the total value of Jacob's Escape's assets is $21,520, which is not one of the options provided in the question, indicating a possible mistake in the options.