on january 1, linden has total assets of $100,000, total liabilities of $30,000, and total stockholders' equity of $70,000. linden purchases $20,000 of supplies on account, and $2,000 of prepaid rent for cash. after these transactions, total assets equal

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13-09-2022
Business

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on january 1, linden has total assets of $100,000, total liabilities of $30,000, and total stockholders' equity of $70,000. linden purchases $20,000 of supplies on account, and $2,000 of prepaid rent for cash. after these transactions, total assets equal

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mapooja789 mapooja789 · Answer 1 · 2022-09-17T16:17:38-04:00

Linden purchases $20,000 of inventory in the account and $2,000 of prepaid rent in cash. After these transactions, total assets will be $120,000.

$100,000 + $20,000 inventory + $2,000 prepaid rent - $2,000 cash = $120,000 total assets.

In financial accounting, an asset is a resource owned or controlled by a firm or economic entity. It is anything that can be used to create positive economic value. An asset represents the value of an asset that can be converted into cash.

An asset is a resource of economic value owned or controlled by an individual, firm, or country with the expectation of future profit. Assets are reported on the company's balance sheet. They are classified as short-term, fixed, financial, and intangible.

's assets include physical items such as machinery, property, raw materials, and inventory, and intangible items such as patents, royalties, and other intellectual property.

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