Question: Please explain the correct approach for solving this general accounting question. North Ridge Manufacturing reported the following balances on its balance sheet at the end

Please explain the correct approach for solving this general accounting question.

North Ridge Manufacturing reported the following balances on its balance sheet at the end of the fiscal year: Cash: $75,000 Accounts Receivable: $120,000 Inventory: $210,000 Property, Plant & Equipment (net): $950,000 Prepaid Insurance: $15,000 Accounts Payable: $100,000 + Long-Term Debt: $400,000 What is the total amount of assets North Ridge Manufacturing should report

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