The following information is taken from Gandalf, Pty, Ltd. book:Accounts Payable$600Accounts Receivable$5,200Cash$27,000Loan Payable in 6 months$4,400Revenue received in advance$12,000Bank Loan – Mortgage$30,000Accumulated depreciation$7,800Inventory$10,200Buildings$17,600Supplies$1,600What is the most likely amount for the company's net assets?Select one:a.$41,600.b.$6,800.c.$14,600.d.$26,600.e.$18,800.

Net assets = Total assets - total liabilities

Answered: The following information is taken from…

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 information is taken from Gandalf, Pty, Ltd. book:

Accounts Payable	$600	Accounts Receivable	$5,200
Cash	$27,000	Loan Payable in 6 months	$4,400
Revenue received in advance	$12,000	Bank Loan – Mortgage	$30,000
Accumulated depreciation	$7,800	Inventory	$10,200
Buildings	$17,600	Supplies	$1,600

What is the most likely amount for the company's net assets?

Select one:

$41,600.

$6,800.

$14,600.

$26,600.

$18,800.

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