Charlie corporation's adjusted trial balance included the following items (all account balances are normal): accounts payable $65,000, accounts receivable $49,000, capital stock $100,000, cash $50,000, dividends $10,000, goodwill $47,000, interest expense $4,000, interest payable $2,000, inventory $36,000, notes payable $80,000, prepaid expenses $5,000, property, plant & equipment $123,000, retained earnings $46,000, rent expense $18,000, revenues $101,000, and salary expense $60,000. how much are total assets?

$293,000

Explanation:

The total assets comprises of current assets, fixed assets , and the intangible assets

The current assets includes cash, stock, account receivable, etc

Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.

And, the intangible assets include patents, copyrights, goodwill, etc.  

In this question, we apply the accounting equation which is shown below:

Total assets = Total liabilities + Shareholder equity

where,

Total liabilities =  Accounts payable + Interest payable + Notes payable

                        = $65,000 + $2,000 + $80,000

                        =$ 147,000

And, the shareholder equity equals to

=  Capital stock + retained earnings

= $100,000 + $46,000

= $146,000

Now put these values to the above formula  

So, the value would equal to

= $147,000 + $146,000

= $293,000

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