Use the following data to determine the total dollar amount of assets to be classified as current assets.Metlock, Inc.Balance SheetDecember 31, 2022Cash$188000Accounts payable$205000Accounts receivable151000Salaries and wages payable28000Inventory171000Mortgage payable232000Prepaid insurance91900Total liabilities$465000Stock investments (long-term)251000Land260000Buildings$308000Common stock$377900Less: Accumulated(62500)245500Retained earnings732500depreciationTotal stockholders'Goodwill217000$1110400equityTotal liabilities andTotal assets$1575400$1575400stockholders' equityO $430900O $852900O $601900O $510000

Name: Use the following data to determine the total dollar amount of assets
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Description: Use the following data to determine the total dollar amount of assets to be classified as current assets.Metlock, Inc.Balance SheetDecember 31, 2022Cash$188000Accounts payable$205000Accounts receivable151000Salaries and wages payable28000Inventory17

Working: Calculation of Total Current Assets: Cash $188,000 Accounts receivable 151,000…

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Use the following data to determine the total dollar amount of assets to be classified as current assets. Metlock, Inc. Balance Sheet December 31, 2022 Cash $188000 Accounts payable $205000 Accounts receivable 151000 Salaries and wages payable 28000 Inventory Prepaid insurance Stock investments (long-term) 171000 Mortgage payable 232000 91900 Total liabilities $465000 251000 Land 260000 Buildings $308000 Common stock $377900 Less: Accumulated (62500) 245500 Retained earnings 732500 depreciation Total stockholders' Goodwill 217000 $1110400 equity Total liabilities and stockholders' equity Total assets $1575400 $1575400 O $430900 O $852900 O $601900 O $510000

Use the following data to determine the total dollar amount of assets to be classified as current assets. Metlock, Inc. Balance Sheet December 31, 2022 Cash $188000 Accounts payable $205000 Accounts receivable 151000 Salaries and wages payable 28000 Inventory Prepaid insurance Stock investments (long-term) 171000 Mortgage payable 232000 91900 Total liabilities $465000 251000 Land 260000 Buildings $308000 Common stock $377900 Less: Accumulated (62500) 245500 Retained earnings 732500 depreciation Total stockholders' Goodwill 217000 $1110400 equity Total liabilities and stockholders' equity Total assets $1575400 $1575400 O $430900 O $852900 O $601900 O $510000

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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