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

\begin{tabular}{|l|r|l|c|}
\hline \multicolumn{4}{|c|}{ XYZ Company - Balance Sheet } \\
\hline \multicolumn{2}{|c|}{ Assets } & \multicolumn{2}{c|}{ Liabilities } \\
\hline Cash & [tex]$\$[/tex] 35,000[tex]$ & Notes & $[/tex]\[tex]$ 45,000$[/tex] \\
\hline Inventory & [tex]$\$[/tex] 41,000[tex]$ & Wages & $[/tex]\[tex]$ 56,000$[/tex] \\
\hline Property & [tex]$\$[/tex] 124,000[tex]$ & & \\
\hline & & \multicolumn{2}{|c|}{ Owner's Equity } \\
\hline & & Stock & $[/tex]\[tex]$ 50,000$[/tex] \\
\hline & & Investment & [tex]$\$[/tex] 49,000[tex]$ \\
\hline
\end{tabular}

Assets $[/tex]= \[tex]$ [?]$[/tex]



Answer :

GinnyAnswer
To find XYZ Company's total assets, we need to sum up the individual asset values listed in the balance sheet.

1. Cash:
- Amount: \[tex]$35,000 2. Inventory: - Amount: \$[/tex]41,000

3. Property:
- Amount: \[tex]$124,000 Next, we'll sum these individual amounts: \[ \text{Total Assets} = \text{Cash} + \text{Inventory} + \text{Property}\] Substitute the given amounts: \[ \text{Total Assets} = \$[/tex]35,000 + \[tex]$41,000 + \$[/tex]124,000\]

Adding these together:

[tex]\[ \text{Total Assets} = \$200,000\][/tex]

Therefore, XYZ Company's total assets amount to \$200,000.

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