ttps//edu iti/main.uni Kimmel, Accounting, Ge Helo I Svstem Announcements ER Mul

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ttps//edu iti/main.uni Kimmel, Accounting, Ge Helo I Svstem Announcements ER Multiple Choice Question 75 Use the fellowing data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31, 2017 Cash Accounts receivable Inventory Prepaid insurance $210000 30000 240000 80000 $195000 Accounts payable 150000 165000 90000 255000 270000 Salarles and wages payable Mortgage payable Total liabilities Stoc investments (long-term) Land 315000 (60000) 255000 Retained earnings $360000 750000 $1110000 $1590000 Buildings Common stock Less: Acournulated depreciation 210000 Total stockholders equity Total liabilties and stockholders' equity Trademarks Total assets $1590000 s510000 $435000 $855000 O s600000 Click if you would lBke to Show Work for this question: 0pen Show Wr DOLL

Explanation / Answer

Answer is $600000

Particulars Amt Cash    195,000.00 Account Receivable    150,000.00 Inventory    165,000.00 Prepaid Insurance      90,000.00 Total Current Assets    600,000.00

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