Let's solve this problem step-by-step using the accounting equation, which states that:
[tex]\[\text{Assets} = \text{Liabilities} + \text{Owner's Equity}\][/tex]
We have been provided the following values:
- Liabilities: \[tex]$295,000
- Owner's Equity: \$[/tex]210,000
Now, we need to add these two amounts to find the company's total assets.
[tex]\[
\text{Assets} = \$295,000 + \$210,000
\][/tex]
Adding these values together:
[tex]\[
\text{Assets} = \$505,000
\][/tex]
As the problem specifies to round to the nearest hundredth (which is the second decimal place for currency), and since \[tex]$505,000 has no decimal values to adjust, the amount remains the same when rounded:
\[
\text{Assets} = \$[/tex]505,000.00
\]
Therefore, the company's assets were \$505,000.00, rounded to the nearest hundredth.
