Bright Eyes Auto SuppliesBalance SheetDecember 31, 2014 Cash $ 40,000 Accounts Payable$ 130,000Prepaid Insurance 80,000 Salaries and Wages Payable50,000Accounts Receivable 100,000 Mortgage Payable150,000Inventory 140,000 Total Liabilities330,000Land Held for Investment 180,000 Land 250,000 Building$200,000 Less Accumulated Owner’s Capital740,000 Depreciation(60,000)140,000 Trademark 140,000 Total Liabilities and Total Assets $1,070,000 Owner’sEquity$1,070,000 The total dollar amount of assets to be classified as investments is ?

Investment property is property (land or a building—or part of a building—or both) held (by the…

Answered: The total dollar amount of assets to be…

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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Bright Eyes Auto Supplies
Balance Sheet
December 31, 2014

Cash		$ 40,000		Accounts Payable	$ 130,000
Prepaid Insurance		80,000		Salaries and Wages Payable	50,000
Accounts Receivable		100,000		Mortgage Payable	150,000
Inventory		140,000			Total Liabilities	330,000
Land Held for Investment		180,000
Land		250,000
Building	$200,000
	Less Accumulated				Owner’s Capital	740,000
		Depreciation	(60,000)	140,000
Trademark		140,000				Total Liabilities and
Total Assets		$1,070,000					Owner’sEquity	$1,070,000

The total dollar amount of assets to be classified as investments is ?

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