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How much are the company total assets

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Question - On December 31, 2019, ABC Company reported total assets of $390,000 and total liabilities of $110,000 prior to the following adjusting entries:

Depreciation expense was $31,000

Accrued salaries expense totaled $12,000

The company used up $9,000 worth of an insurance policy, which was initially recorded as a prepaid expense asset

Rent revenue of $7,000 was earned, where the rent was initially prepaid by the tenant and credited to unearned rent revenue.

1. How much are the company's total assets after adjusting entries?

A. $350,000

B. $386,000

C. $379,000

D. $374,000

2. How much are the company's total liabilities after adjusting entries?

A. $115,000

B. $141,000

C. $86,000

D. $110,000

Reference no: EM132630725

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