The following financial information is from Cook Company:

Accounts Payable ....................................$55,000

Land ..............................$90,000

Inventory ......................$10,500

Accounts Receivable........$7,500

Equipment.......................$8,000

Deferred Revenue...........$58,500

Short-Term Investments........$20,000

Notes Receivable (due in 8 months)....................$45,500

Interest Payable........................$2,000

Patents................................$75,000

What is the total amount of long-term assets assuming the accounts above reflect normal activity?

Answer rating: 100% (QA)

The total amount of long term assets is calculated as Asset Amount Land 9... View the full answer