Use the following data to determine the total dollar amount of assets to be classified as current assets.Nighthawk CorporationBalance SheetDecember 31, 2020Cash $130,000 Accounts payable$151,000Accounts receivable 123,800 Salaries and wages payable27,700Inventory 208,500 Note payable (due 2025)270,400Supplies 94,400 Total liabilities$449,100Land 538,500 Buildings$335,500 Common stock$360,000Less: Accumulated depreciation(56,100)279,400 Retained earnings779,800Franchise 214,300 Total stockholders' equity$1,139,800Total assets $1,588,900 Total liabilities and stockholders' equity$1,588,900

Current assets are those that can be converted into cash within 12 months of period. Current assets…

Answered: Use the following data to determine the…

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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Use the following data to determine the total dollar amount of assets to be classified as current assets.

Nighthawk Corporation
Balance Sheet
December 31, 2020
Cash		$130,000	Accounts payable	$151,000
Accounts receivable		123,800	Salaries and wages payable	27,700
Inventory		208,500	Note payable (due 2025)	270,400
Supplies		94,400	Total liabilities	$449,100
Land		538,500
Buildings	$335,500		Common stock	$360,000
Less: Accumulated depreciation	(56,100)	279,400	Retained earnings	779,800
Franchise		214,300	Total stockholders' equity	$1,139,800
Total assets		$1,588,900	Total liabilities and stockholders' equity	$1,588,900

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