Question: Use the following data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31,
Use the following data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31, 2017 Cash $ 195,000 | Accounts payable | $ 210,000 Accounts 150,000|Salaries and wages 30,000 receivable payable Inventory 165,000| Mortgage payable 240.000 Prepaid 90,000 Total liabilities $480,000 insurance Stock 255,000 investments Land 270,00011 1 Buildings $315,000 Less: Common stock $360,000 (60.000) 255,000 1 Retained earnings 750.000 Accumulated depreciation Trademarks $1.110.000 Total assets 210,000 Total stockholders' lequity $1,590,000 Total liabilities and stockholders' equity $1,590,000 $855,000 $600,000 $510,000 $435,000
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