Question: Use the following data to determine the total dollar amount of assets to be classified as investments. Novak Corp. Balance Sheet December 31, 2022 Cash
Use the following data to determine the total dollar amount of assets to be classified as investments.
| Novak Corp. Balance Sheet December 31, 2022 | |||||
|---|---|---|---|---|---|
| Cash | $71500 | Accounts payable | $145000 | ||
| Accounts receivable | 103000 | Salaries and wages payable | 14200 | ||
| Inventory | 140500 | Mortgage payable | 174500 | ||
| Prepaid insurance | 84500 | Total liabilities | $333700 | ||
| Stock Investments | 192500 | ||||
| Land | 191000 | ||||
| Buildings | $229500 | Common stock | $246800 | ||
| Less: Accumulated depreciation | (58500) | 171000 | Retained earnings | 481000 | |
| Patent | 107500 | Total stockholders' equity | $727800 | ||
| Total assets | $1061500 | Total liabilities and stockholders' equity | $1061500 | ||
$0
$333000
$192500
$295500
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