Question

A company has these balances as of december 31

cash 20000 fixed assets 35000 accumulated depreciation 20000 accounts payable 5000
what are the total assets?

Answer 1

Total asset = 55000

Step-by-step explanation:

Below is the following calculations:

Cash amount = 20000

Fixed assets = 35000

Accumulated depreciation = 20000

Accounts payable = 5000

The total assets = Cash + fixed assets

Total asset = 20000 + 35000

Total asset = 55000

Not- Accumulated depreciation should be deducted from the gross assets.