The following information is for Salma Real Estate:

Balance Sheet December 31, 2016

Cash $ 25,000 Accounts Payable $ 60,000

Prepaid Insurance 40,000 Salaries and Wages Payable 25,000

Accounts Receivable 50,000 Mortgage Payable 85,000

Inventory 80,000 Total Liabilities 170,000

Land Held for Investment 75,000

Land 120,000

Building $110,000

Less Accumulated Owner’s Capital 380,000

Depreciation (20,000) 90,000

Trademark 70,000 Total Liabilities and

Total Assets $550,000 Owner’s Equity $550,000

What is the total dollar amount of liabilities to be classified as current liabilities?

Answer rating: 100% (QA)

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