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 :

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.