Question: Use the following data to determine the total dollar amount of assets to be classified as investments. Carne Auto Supplies Balance Sheet Dec, 31, 2014
Use the following data to determine the total dollar amount of assets to be classified as investments.
Carne Auto Supplies Balance Sheet Dec, 31, 2014
ASSETS
| Cash | $35,000 |
| A/R | $50,000 |
| Inventory | $70,000 |
| Prepaid Insurance | $40,000 |
| Stock Investment | $90,000 |
| Land | $95,000 |
| Building | $115,000 |
| Less accumulating depreciation | $30,000 |
| Net book value of building | $85,000 |
| Trademark | $70,000 |
| Total Assets | $535,000 |
LIABILITES
| A/P | $65,000 |
| Salaries & Wages Payable | $75,000 |
| Mortgage Payable | $90,000 |
| Total Liabilities | $165,000 |
STOCKHOLDER EQUITY
| Common Stock | $120,000 |
| Retained Earnings | $250,000 |
| Total stock holders Equity | $370,000 |
| Total Liab &Stockholders Equity | $535,000 |
a.) 0
b.) $160,000
c.) $90,000
d.) $140,000
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