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A company is preparing to produce a set of financial statements. The balance sheet being created shows a total for assets of $860,000 and a total for liabilities of $600,000 prior to the end of the year, one account receivable is determined to be uncollectible and is written off. Another receivable for $5,000 is collected. No other event or adjustme made. What should the company now report as the total of its assets after recording these final two events? $860,000 $849,000 $844,000 $865,000

A company is preparing to produce a set of financial statements. The balance sheet being created shows a total for assets of $860,000 and a total for liabilities of $600,000 prior to the end of the year, one account receivable is determined to be uncollectible and is written off. Another receivable for $5,000 is collected. No other event or adjustme made. What should the company now report as the total of its assets after recording these final two events? $860,000 $849,000 $844,000 $865,000

FINANCIAL ACCOUNTING
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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A company is preparing to produce a set of financial statements. The balance sheet being created shows a total for assets of $860,000 and a total for liabilities of $600,000. Just prior to the end of the year, one account receivable is determined to be uncollectible and is written off. Another receivable for $5,000 is collected. No other event or adjustment is made. What should the company now report as the total of its assets after recording these final two events? $860,000 $849,000 O $844,000 $865,000
Transcribed Image Text:A company is preparing to produce a set of financial statements. The balance sheet being created shows a total for assets of $860,000 and a total for liabilities of $600,000. Just prior to the end of the year, one account receivable is determined to be uncollectible and is written off. Another receivable for $5,000 is collected. No other event or adjustment is made. What should the company now report as the total of its assets after recording these final two events? $860,000 $849,000 O $844,000 $865,000
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