The balance sheet columns of the work sheet for Jones Corporation show total debits and total credits

Question:

The balance sheet columns of the work sheet for Jones Corporation show total debits and total credits of $255,000 each. Dividends for the period are $3,000. Accumulated depreciation is $14,000 at the end of the period. Compute the amount that should appear on the balance sheet (i.e., the formal financial statement) for total assets. How do you explain the difference between this amount and the amount that appears as the total debits and total credits on the work sheet?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...