The following is the balance sheet data of ABD Ltd. for the year ending Dec 31, 2016 and Dec 31, 2015.YearTotal EquityTotal LiabilitiesDec 31, 2016$34,670$14,560Dec 31, 2015$33,240$13,250Determine the total assets as on Dec 31, 2016 and Dec 31, 2015 respectively.$49,230 and $46,490$20,110 and $19,990$34,675 and $46,501$48,243 and $13,250

Total equity = Total assets - Total liabilities Total assets = Owners' equity + Total liabilities Total assets as on Dec 31, 2016 = Total equity + Total liabilities = $34,670 + $14,560 = $49,230 Total assets as on Dec 31, 2015 = Total equity + Total liabilities = $33,240 + $13,250 = $46,490 Option A. is the correct answer.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following is the balance sheet data of ABD Ltd. for the year ending Dec 31, 2016 and Dec 31, 2015.

Year	Total Equity	Total Liabilities
Dec 31, 2016	$34,670	$14,560
Dec 31, 2015	$33,240	$13,250

Determine the total assets as on Dec 31, 2016 and Dec 31, 2015 respectively.

$49,230 and $46,490

$20,110 and $19,990

$34,675 and $46,501

$48,243 and $13,250

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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