Question: Use the following data to determine the total dollar amount of assets to be classified as current assets. Carne Auto Supplies Balance Sheet December
Use the following data to determine the total dollar amount of assets to be classified as current assets. Carne Auto Supplies Balance Sheet December 31, 2027 Cash Accounts receivable $ 70,000 Accounts payable $ 130,000 100,000 Salaries and wages payable 20,000 Inventory 140,000 Mortgage payable 180,000 Prepaid insurance 80,000 Total liabilities 330,000 Stock investments 180,000 Land 190,000 Buildings $230,000 Common stock 240,000 Less: Accumulated Retained earnings 500,000 depreciation (60,000) 170,000 Total stockholders' equity 740,000 Patent 140,000 Total liabilities and Total assets $1,070.000 stockholders' equity $1,070.000 $390,000 $250,000 $570,000 $330,000
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