Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

The Lagrange Corporation had the following account balances at year-end: Cash $12,000, Accounts Receivable $8,000, Inventory $15,000, Equipment $25,000, Accounts Payable $10,000, and Common Stock $50,000. What is the total amount of assets that should be reported on the balance sheet?

$55,000

$50,000

$70,000

$60,000

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Verified step by step guidance

Step 1: Understand the concept of assets. Assets are resources owned by a company that have economic value and are expected to provide future benefits. Examples include cash, accounts receivable, inventory, and equipment.

Step 2: Identify the accounts that represent assets from the given data. In this case, the asset accounts are: Cash ($12,000), Accounts Receivable ($8,000), Inventory ($15,000), and Equipment ($25,000).

Step 3: Add the values of all the asset accounts together to calculate the total assets. Use the formula: Total Assets = Cash + Accounts Receivable + Inventory + Equipment.

Step 4: Write the equation in MathML format:

Total Assets = Cash + Accounts Receivable + Inventory + Equipment

Step 5: Substitute the values into the equation: Total Assets = $12,000 + $8,000 + $15,000 + $25,000. This will give you the total amount of assets to be reported on the balance sheet.