The following information is for Sweet Day Real Estate: Sweet Day Real Estate Balance Sheet December 31, 2021 Cash $ 24500 Accounts Payable $ 60600 Prepaid Insurance 29700 Salaries and Wages Payable 14700 Accounts Receivable 50300 Mortgage Payable 85800 Inventory 68600 Total Liabilities 161100 Land Held for Investment 83900 Land 118500 Buildings $101200 Common Stock $122100 Less Accumulated Depreciation (20200) Retained Earnings 244300 366400 81000 Trademark 71000 Total Liabilities and Stockholders’ Equity Total Assets $527500 $527500 The total dollar amount of assets to be classified as current assets is A) $257000. B) $104500. C) $173100. D) $188400.
The following information is for Sweet Day Real Estate: Sweet Day Real Estate Balance Sheet December 31, 2021 Cash $ 24500 Accounts Payable $ 60600 Prepaid Insurance 29700 Salaries and Wages Payable 14700 Accounts Receivable 50300 Mortgage Payable 85800 Inventory 68600 Total Liabilities 161100 Land Held for Investment 83900 Land 118500 Buildings $101200 Common Stock $122100 Less Accumulated Depreciation (20200) Retained Earnings 244300 366400 81000 Trademark 71000 Total Liabilities and Stockholders’ Equity Total Assets $527500 $527500 The total dollar amount of assets to be classified as current assets is A) $257000. B) $104500. C) $173100. D) $188400.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following information is for Sweet Day Real Estate:
|
Sweet Day Real Estate
Balance Sheet December 31, 2021 |
|||||||
|---|---|---|---|---|---|---|---|
|
Cash
|
$ 24500
|
Accounts Payable
|
$ 60600
|
||||
|
Prepaid Insurance
|
29700
|
Salaries and Wages Payable
|
14700
|
||||
|
|
50300
|
Mortgage Payable
|
85800
|
||||
|
Inventory
|
68600
|
Total Liabilities
|
161100 | ||||
|
Land Held for Investment
|
83900
|
||||||
|
Land
|
118500
|
||||||
|
Buildings
|
$101200 |
Common Stock
|
$122100
|
||||
|
Less Accumulated
|
(20200) |
|
244300
|
366400
|
|||
|
81000
|
|||||||
|
Trademark
|
71000 |
Total Liabilities and
|
|||||
|
Total Assets
|
$527500 |
$527500
|
The total dollar amount of assets to be classified as current assets is
A) $257000.
B) $104500.
C) $173100.
D) $188400.
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