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12.Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. C. tangible liabilities and intangible liabilities. O current liabilities and long-term liabilities. 13. 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, 2014 $ 140,000 Cash $130,000 Accounts payable 20,000 Accounts receivable 100,000 Salaries and wages payable 160,000 Inventory 110,000 Mortgage payable $320,000 Prepaid insurance 60,000 Total liabilities Stock investments 170,000 Land 180,000 $240,000 Buildings $210,000 Common stock Retained earnings 500,000 Less: Accumulated Total stockholders' equity $740,000 depreciation (40,000) 170,000 Total liabilities and Trademarks 140,000 stockholders' equity Total assets $1,060,000 $1,060,000 %24

12.Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. C. tangible liabilities and intangible liabilities. O current liabilities and long-term liabilities. 13. 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, 2014 $ 140,000 Cash $130,000 Accounts payable 20,000 Accounts receivable 100,000 Salaries and wages payable 160,000 Inventory 110,000 Mortgage payable $320,000 Prepaid insurance 60,000 Total liabilities Stock investments 170,000 Land 180,000 $240,000 Buildings $210,000 Common stock Retained earnings 500,000 Less: Accumulated Total stockholders' equity $740,000 depreciation (40,000) 170,000 Total liabilities and Trademarks 140,000 stockholders' equity Total assets $1,060,000 $1,060,000 %24

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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12.Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. C. tangible liabilities and intangible liabilities. O current liabilities and long-term liabilities. 13. 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, 2014 $ 140,000 Cash $130,000 Accounts payable 20,000 Accounts receivable 100,000 Salaries and wages payable 160,000 Inventory 110,000 Mortgage payable $320,000 Prepaid insurance 60,000 Total liabilities Stock investments 170,000 Land 180,000 $240,000 Buildings $210,000 Common stock Retained earnings 500,000 Less: Accumulated Total stockholders' equity $740,000 depreciation (40,000) 170,000 Total liabilities and Trademarks 140,000 stockholders' equity Total assets $1,060,000 $1,060,000 %24
Transcribed Image Text:12.Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. C. tangible liabilities and intangible liabilities. O current liabilities and long-term liabilities. 13. 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, 2014 $ 140,000 Cash $130,000 Accounts payable 20,000 Accounts receivable 100,000 Salaries and wages payable 160,000 Inventory 110,000 Mortgage payable $320,000 Prepaid insurance 60,000 Total liabilities Stock investments 170,000 Land 180,000 $240,000 Buildings $210,000 Common stock Retained earnings 500,000 Less: Accumulated Total stockholders' equity $740,000 depreciation (40,000) 170,000 Total liabilities and Trademarks 140,000 stockholders' equity Total assets $1,060,000 $1,060,000 %24
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