The Lucky Horseshoe Ltd. had the following list of balance sheet items: Owner's equity $320,000, Non-current assets $400,000, Accounts payable $220,000, Bank overdraft $250,000. Accounts receivable, the only item missing from the list, must be:

Question

BlackTom AI · Accepted Answer

Assets = Liabilities + Owner’s Equity, so total assets must equal the sum of all liabilities plus owner’s equity.

Relevant concepts:
- Classification: non-current assets (given) and current assets (accounts receivable is the only missing current asset).
- Liabilities include accounts payable and bank overdraft.
- The accounting equation (Assets = Liabilities + Owner’s Equity) must balance.

Step-by-step reasoning and calculations:
1. List known amounts:
   - Owner’s equity = $320,000
   - Non-current assets = $400,000
   - Accounts payable (liability) = $220,000
   - Bank overdraft (liability) = $250,000
   - Accounts receivable = unknown (current asset)

2. Compute total liabilities:
   - Total liabilities = Accounts payable + Bank overdraft
   - Total liabilities = $220,000 + $250,000 = $470,000

3. Compute total claims on assets (liabilities + owner’s equity):
   - Liabilities + Owner’s equity = $470,000 + $320,000 = $790,000

4. Therefore total assets must be $790,000. Non-current assets are $400,000, so current assets (the only remaining asset item, accounts receivable) must make up the difference:
   - Accounts receivable = Total assets − Non-current assets
   - Accounts receivable = $790,000 − $400,000 = $390,000

Why this answer is correct:
- With Accounts receivable = $390,000, total assets = $400,000 (non-current) + $390,000 = $790,000, which equals total liabilities and owner’s equity ($470,000 + $320,000 = $790,000). The accounting equation therefore balances.

Why other values would be incorrect:
- Any other accounts receivable amount would produce unequal totals for Assets and Liabilities + Owner’s Equity. For example, if accounts receivable were $200,000, assets would be $600,000 while claims would be $790,000, causing a mismatch.

Conclusion: Accounts receivable must be $390,000, matching the provided correct answer.

The Lucky Horseshoe Ltd. had the following list of balance sheet items: Owner's equity $320,000, Non-current assets $400,000, Accounts payable $220,000, Bank overdraft $250,000. Accounts receivable, the only item missing from the list, must be:单项选择题

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