Question: Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December

Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December

Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December 31, 2025 Cash $125200 Accounts payable $174500 Accounts receivable 123800 Salaries and wages payable 27600 Inventory 200000 Note payable (due 2028) 270100 Short-term investments 85800 Total liabilities 472200 Land (held for future use) 255500 Land 285000 Buildings $336000 Common stock 358500 Less: Accumulated depreciation (62100) 273900 Retained earnings 720200

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