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This image shows a partial balance sheet for "The Great American Department Store" with financial information for the period ending 1/31/14. Here's what is listed:

- **Assets ($):**
  - Cash: (blank)
  - Accounts Receivable: (blank)
  - **Total Assets:** X (not provided in the image)

- **Liabilities ($):**
  - Accounts Payable: 50
  - **Total Liabilities:** 50

- **Total Equity ($):**
  - Common Stock: 250
  - **Total Equity:** 250

To complete the balance sheet, we use the accounting equation:

\[
\text{Assets} = \text{Liabilities} + \text{Equity}
\]

Given:
- **Liabilities:** 50
- **Equity:** 250

\[
\text{Total Assets} = 50 + 250 = 300
\]

Thus, the missing **Total Assets** value (X) is 300.

Would you like more details on this or further clarification?

Here are some related questions for practice:
1. How does the accounting equation help balance the financials?
2. Why is it important for the balance sheet to balance?
3. What is the difference between liabilities and equity?
4. How can cash and accounts receivable affect the balance sheet?
5. How would issuing more common stock change this balance sheet?

**Tip:** Always verify that assets equal the sum of liabilities and equity to ensure a balanced financial statement.

What is the total value of assets given the balance sheet of The Great American Department Store with liabilities of 50 and equity of 250?

Learn how to calculate the total assets of The Great American Department Store based on its liabilities and equity. The accounting equation (Assets = Liabilities + Equity) is applied to balance the sheet with a detailed step-by-step solution. Suitable for high school accounting or finance students.

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