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A) $5000 B) $10,000 C) $15,000 D) $20,000
total assets = total liabilities + total equity
so total assets must equal15000
but the quez must ask for equity
the total equity must be10000
In accounting we have the basic formula of Assets=Liabilities+Capital.
In the given problem, the TOTAL Assets would be $15,000 (liabilities plus capital) - Choice C
assets will automatically decrease $5000
C is right answer basic formula of Assets=Liabilities+Capital
Fixed Asset = A, Total Assets = C
The total amount of Fixed Assets is $5000
current assets =10000
liabilities plus equity=15000
fixed assets =5000
Accounting Equation is Total Assets ($15000)=Total Liabilities + Total Shareholders Equity ($15000)
Therefore Total Assets=$15000 (1000+4000+5000+ Fixed Assets5000)
The correct answer is: A) $5000
C) $15,000
Assets = Capital + Liability hence total assets in this case will be $15,000. However fixed assets will be $5,000 thus Total Assets - Current Assets [15,000 - (1,000 +4,000 +5,000)] which represent cash, inventory and debtors respectively as given in the question.
