MCQ

Use the following Information to answer MCQ #22 - 25. $ 66,000 25,000 225,000 316.000 FRANKLIN LTD. Statement of Financial Position December 31, 2022 Cash $ 65,000 Accounts payable Prepaid Insurance 15,000 Salarles payable Accounts recelvable 95,000 Bonds payable Inventory 120,000 Total liabilities Land 165,000 Building $235.000 Common shares Less: Accumulated Retained earnings depreciation 70.500 164,500 Total shareholders' equity Trademark $ 125,000 Less: Accumulated amortization 37.500 87,500 Total liabilities and Total assets $712.000 shareholders' equity 22. The total dollar amount of assets to be classified as current assets is (a) $295.000 (b) $235.000 (C) $175.000 (d) $160,000 250,000 146,000 396,000 $712.000 23. The total dollar amount of assets to be classified as net property, plant, and equipment is (a) $329,500 (b) $164,500 (c) $252,000 (d) $235.000 24. The total amount in the contra asset accounts is (a) $ 37.500. (b) $ 108.000 (C) $70.500 (d) $252.000 25. Non-current liabilities total (a) $712.000 (b) $316,000 (c) $225.000 (d) $25,000