13) Use the following data to determine the total dollar amount of assets to be

Question

13) Use the following data to determine the total dollar amount of assets to be classified as current assets.
Koonce Office Supplies
Balance Sheet
December 31, 2012

Cash $130,000 Accounts Payable $140,000
Prepaid Insurance 60,000 Salaries Payable 20,000
Accounts Receivable 100,000 Mortgage Payable 160,000
Inventory 140,000 Total Liabilities $320,000
Land held for Investment 150,000
Land 180,000
Buildings $200,000 Common Stock $240,000
Less Accumulated Retained Earnings 500,000
Depreciation (40,000) 160,000 Total Stockholders

Explanation / Answer

c c c

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