Alpha Industries is preparing its annual financial statements and is currently completing its Balance Sheet. As of December 31, 2023, the company reported the following: Current Assets: $400,000 Long-term Assets: $800,000 Current Liabilities: $350,000 Long-term Liabilities: $450,000 Equity: $400,000 Based on this information, which of the following represents the total assets reported on Alpha Industries' Balance Sheet, according to the accounting equation?

Exam

CFA Level 1

Section

Difficulty

Financial Reporting and Analysis

Calculating Total Assets on Balance Sheet

Very Hard Financial Statements Balance Sheet

Alpha Industries is preparing its annual financial statements and is currently completing its Balance Sheet. As of December 31, 2023, the company reported the following:

Current Assets: $400,000
Long-term Assets: $800,000
Current Liabilities: $350,000
Long-term Liabilities: $450,000
Equity: $400,000

Based on this information, which of the following represents the total assets reported on Alpha Industries' Balance Sheet, according to the accounting equation?

$1,400,000

$1,200,000

$950,000

Hint

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