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Using the balance sheet, calculate XYZ Company's assets.

\begin{tabular}{|c|c|c|c|}
\hline \multicolumn{4}{|c|}{ XYZ Company - Balance Sheet } \\
\hline \multicolumn{2}{|c|}{ Assets } & \multicolumn{2}{|c|}{ Liabilities } \\
\hline Cash & [tex]$\$[/tex] 15,000[tex]$ & Notes & $[/tex]\[tex]$ 25,000$[/tex] \\
\hline Inventory & [tex]$\$[/tex] 41,000[tex]$ & Wages & $[/tex]\[tex]$ 56,000$[/tex] \\
\hline Property & [tex]$\$[/tex] 114,000[tex]$ & & \\
\hline & & \multicolumn{2}{|c|}{ Owner's Equity } \\
\hline & & Stock & $[/tex]\[tex]$ 50,000$[/tex] \\
\hline & & Investment & [tex]$\$[/tex] 39,000$ \\
\hline
\end{tabular}



Answer :

GinnyAnswer
To calculate XYZ Company's total assets, we need to sum the individual amounts listed in the assets section of the balance sheet. Here are the values we need to consider:

1. Cash: \[tex]$15,000 2. Inventory: \$[/tex]41,000
3. Property: \[tex]$114,000 Now, let's perform the addition step by step: 1. Start with the cash amount: \[ 15,000 \] 2. Add the inventory amount to the cash amount: \[ 15,000 + 41,000 = 56,000 \] 3. Finally, add the property amount to the sum obtained from the first two steps: \[ 56,000 + 114,000 = 170,000 \] Thus, the total assets of XYZ Company are \$[/tex]170,000.

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