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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