Bologna Lodging, Inc Using the Information in the Table, Calculate the Total Assets

question 183

Multiple Choice

Bologna Lodging, Inc. had the following accounts and balances as of December 31: $\begin{array}{c}\begin{array}{|l}\hline \text { Account}\\\hline \text { Cash}\\\hline \text { Accounts Receivable}\\\hline \text { Salaries Expense}\\\hline \text { Accounts Payable}\\\hline \text { Lodging Revenue}\\\hline \text { Utilities Expense}\\\hline \text { Prepaid Insurance}\\\hline \text { Supplies}\\\hline \text { Common Stock}\\\hline \text { Totals}\\\hline\end{array}\begin{array}{|r|r|}\hline{\text { Debit }} & \text { Credit } \\\hline \$ 20,000 & \\\hline 2,000 & \\\hline 500 & \\\hline & \$ 4,000 \\\hline & 7,000 \\\hline 500 & \\\hline 1,400 & \\\hline 1,500 & \\\hline & 14,900 \\\hline\underline{ \$ 25,900 }&\underline{ \$ 25,900} \\\hline \end{array}\end{array}$
Using the information in the table, calculate the total assets reported on Bologna's balance sheet for the period.

• A) $ 24,900
• B) $ 25,400.
• C) $ 22,500.
• D) $ 25,900.
• E) $ 23,400

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