Balance Sheet December 31, 2013 s 60.00 15,00 85 000 $160,000 $ 25,000 Accounts

Question

Balance Sheet December 31, 2013 s 60.00 15,00 85 000 $160,000 $ 25,000 Accounts Payable Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Building 30,000Salaries and Wages Payable 50,000 70,000 85,000 120,000 Mortgage Payable Total Liabilities $100,000 Common Sock $120,000 Less Accumulate d Retained Eamings 250,000 370,000 Depreciation (20,000 80,000 70,000 Total Liabilities and Trademark Total Assets Stockholders' Equity $530,000 The following information is for Sunny Day Real Estate The total dollar amount of assets to be classified as current assets is $105,000. $175,000. $190,000. $260,000.

Explanation / Answer

$ 260,000

Working:

Current Assets: Cash $       25,000 Prepaid Insurance $       30,000 Accounts Receivable $       50,000 Inventory $       70,000 Land held for Investment $       85,000 Total Current Assets $   2,60,000 Current assets are those resources which has economic benefit likely to be received within 12 months as on the date of Balance Sheet. Land held for investment is short term investment.So, it is also part of current assets.

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