14. Lear, Inc. has $800,000 in current assets, $350,000 of which are considered permanent current assets. In addition, the firm has $600,000 invested in fixed assets.
To calculate the amount of temporary current assets that Lear, Inc. has, you need to subtract the amount of permanent current assets from the total current assets.
Total current assets - Permanent current assets = Temporary current assets
In this case:
Total current assets = $800,000
Permanent current assets = $350,000
Hence, we can calculate temporary current assets as follows:
Temporary current assets = $800,000 - $350,000
Temporary current assets = $450,000
Now, to find out the total assets of the company, you need to add the temporary current assets to the fixed assets.
Total assets = Temporary current assets + Fixed assets
In this case:
Temporary current assets = $450,000
Fixed assets = $600,000
Hence, we can calculate the total assets as follows:
Total assets = $450,000 + $600,000
Total assets = $1,050,000
Therefore, Lear, Inc. has a total asset value of $1,050,000.