I have a record company called “Not Really the Worst Music, Inc.”  Assume that I’ve spent $1,850,000 to record “Jazz at the Santa Monica Civic 1972.”   The master recording tapes are now sitting in a vault and worth $14,000,000.  Also, assume that the company has $1,150,000 in its checking account, owns nothing else, and has NEVER amortized the capitalized recording cost.   The Company does have a debt; it owes the producer $750,000.  Based on Generally Accepted Accounting Principles as used in the United States, what is the balance of Total Assets on the Balance Sheet?

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.