The Following Items Are Components of a Traditional Balance Sheet

question 8

Multiple Choice

The following items are components of a traditional balance sheet. How much are the total assets of the firm? $\begin{array}{lc}\text { Plant and equipment } & \$ 42,000 \\\text { Common stock } & 15,000 \\\text { Cash } & 8,000 \\\text { Inventory } & 21,000 \\\text { Bad debt reserve } & 6,000 \\\text { Paid in excess } & 6,000 \\\text { Accumulated depreciation } & 28,000 \\\text { Accountsreceivable } & 22,000\end{array}$

• A) $87,000
• B) $65,000
• C) $59,000
• D) $93,000

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Definitions:

Phenomena

Phenomena are observable events or occurrences that can be investigated scientifically to gain knowledge about the natural world.

Boundary Overlaps

Situations where the edges of different domains, systems, or responsibilities intersect or blur, creating areas of shared or ambiguous jurisdiction.

Holistically

An approach that considers all aspects or parts of something as interconnected and integral to its overall understanding or functioning.

Phenomenon

An observable event or fact, especially one that is unusual, important, or otherwise notable.