Question: Use the following data to determine the total dollar amount of assets to be classified as current assets. Quinn Auto Supplies Balance Sheet December 31,
Use the following data to determine the total dollar amount of assets to be classified as current assets. Quinn Auto Supplies Balance Sheet December 31, 2022 Accounts payable Salaries and wages payable Bonds payable Total liabilities $ 130,000 20,000 180,000 330,000 Cash and cash equivalents $ 70,000 Accounts receivable 100,000 Inventory 140,000 Prepaid insurance 80,000 Stock investments 180,000 Land 190,000 Buildings $230,000 Less: Accumulated depreciation (60,000) 170,000 Trademarks 140,000 Total assets $1.070,000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 240,000 500,000 740,000 $1.070,000 Select one: a. $390,000 b. $250,000 c. $570,000 d. $330,000
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