15)Use the following data to determine the total dollar amount of assets to be classified as current assets. Vitz Pool Supplies Balance Sheet December 31, 2024 Cash and cash equivalents $ 1,000 Accounts payable $ 1,800 Accounts receivable 200 Salaries and wages payable 200 Inventory 1,500 Bonds payable 40,000 Prepaid insurance 300 Total liabilities 42,000 Stock investments 2,000 Land 3,000 Buildings $20,000 Common stock 15,000 Less: Accumulated Retained earnings (25,000) depreciation (6,000) 14,000 Total stockholders' equity (10,000) Goodwill 10,000 Total liabilities and Total assets $32,000 stockholders' equity $32,000 A) $8,000 B) $5,000 C) $2,000 D) $3,000
15)Use the following data to determine the total dollar amount of assets to be classified as current assets. Vitz Pool Supplies Balance Sheet December 31, 2024 Cash and cash equivalents $ 1,000 Accounts payable $ 1,800 Accounts receivable 200 Salaries and wages payable 200 Inventory 1,500 Bonds payable 40,000 Prepaid insurance 300 Total liabilities 42,000 Stock investments 2,000 Land 3,000 Buildings $20,000 Common stock 15,000 Less: Accumulated Retained earnings (25,000) depreciation (6,000) 14,000 Total stockholders' equity (10,000) Goodwill 10,000 Total liabilities and Total assets $32,000 stockholders' equity $32,000 A) $8,000 B) $5,000 C) $2,000 D) $3,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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15)Use the following data to determine the total dollar amount of assets to be classified as current assets.
Vitz Pool Supplies
December 31, 2024
| Cash and cash equivalents | $ 1,000 | Accounts payable | $ 1,800 |
| 200 | Salaries and wages payable | 200 |
| Inventory | 1,500 | Bonds payable | 40,000 |
| Prepaid insurance | 300 | Total liabilities | 42,000 |
| Stock investments | 2,000 |
| Land | 3,000 |
| Buildings | $20,000 | Common stock | 15,000 |
| Less: |
Retained earnings | (25,000) |
| (6,000) | 14,000 | Total |
(10,000) |
| 10,000 | Total liabilities and |
| Total assets | $32,000 | stockholders' equity | $32,000 |
A) $8,000
B) $5,000
C) $2,000
D) $3,000
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