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 31,

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, 2017 Cash Accounts receivable 20,000 Inventory Prepaid insurance Stock investments Land Buildings Less: Accumulated depreciation (60000 170,000Total stockholders' equity Trademarks Total assets $ 70,000 Accounts payable 130,000 00,000 Salaries and wages payable 140,000 Mortgage payable180 000 80,000 180,000 190,000 Total liabilities $330,000 $230,000 Common stock $240,000 Retained earnings500.000 Total liabilities and stockholders' equity 140.000 s1070 000 1.070.000 $330,000 $390.000 $570.000 $250.000 The partnership form of business organization enjoys an unlimited life. is a separate legal entity. has limited liability. is a common form of organization for service-type businesse

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