Selling inventory on credit. OE. None of the above. QUESTION 5 Use the following

Question

Selling inventory on credit. OE. None of the above. QUESTION 5 Use the following information to answer the next six questions: All balances are as of 12/31/2017 unless specified otherwise. Loss on the Sale of Equipment Short Term Investments Income Tax Expense Inventory Gain on Sale of Equipment Cost of Goods Sold 62,250 48,750 97,500 27,500 204,000 12,500 447,500 10,000 2,500 28,000 42,000 36,000 1,500 281,000 50,000 Retained Earnings, 1/1/17 Goodwill Common Stock Cash ??? Notes Payable 5/1/18 70,000 Sales Revenue 50,000 Dividends Notes Payable, due 12/31/19 Furniture Equipment 104,500 Prepaid Expenses 83,000 Accrued Expenses 372,500 Accounts Receivable nses 43,000 Accounts Payable Determine the Working Capital as of December 31, 2017. O A 137,000 B. 5.9305 @ C. 187,500 D. 149,500 E, cannot be determined since the balance of Common Stock is not given. QUESTION 6

Explanation / Answer

Answer to Question 9:

Total Assets = Current Assets + Fixed Assets + Intangible Assets
Current Assets = Short Term Investments + Cash + Inventory + Prepaid Expenses + Accounts Receivable
Current Assets = $1,500 + $70,000 + $97,500 + $2,500 + $42,000
Current Assets = $213,500

Fixed Assets = Furniture + Equipment
Fixed Assets = $83,000 + $372,500
Fixed Assets = $455,500

Intangible Assets = Goodwill = $50,000

Total Assets = $213,500 + $455,500 + $50,000
Total Assets = $719,000

Total Assets as of 12/31/2017 are $719,000

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