Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation (60,000) Franchise Total assets O $255,000 O $0 $339,000 O $465,000 O $585.000 $ 126,000 120,000 210,000 90.000 255,000 285,000 210.000 $1.575.000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities Common stock Retained: earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110.000 $1.575.000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Use the following data to determine the total dollar amount of assets to be classified as long-term investments.
Ace Supply Company
Balance Sheet
December 31, 2025
Cash
Accounts receivable
Inventory
Short-term investments
Land (held for future use)
Land
Buildings
Less: Accumulated
depreciation (60,000)
Franchise
Total assets
O $255,000
O $0
$339,000
O $465,000
O $585.000
$ 126,000
120,000
210,000
90.000
255.000
285,000
210.000
$1.575.000
Accounts
payable
Salaries and wages
payable
Note payable (due
2028)
Total liabilities
Common stock
Retained:
earnings
Total stockholders'
equity
Total liabilities and
stockholders' equity
279,000
$ 165,000
30,000
270.000
465,000
360,000
750,000
1.110.000
$1.575.000
Transcribed Image Text:Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation (60,000) Franchise Total assets O $255,000 O $0 $339,000 O $465,000 O $585.000 $ 126,000 120,000 210,000 90.000 255.000 285,000 210.000 $1.575.000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities Common stock Retained: earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110.000 $1.575.000
Expert Solution
Step 1: Introduce to balance sheet and long term investment

Balance sheet is one of the financial statements that shows profitability, total revenue and total expenses of company during the period. Assets are the resources owned by company. Long term investments are the assets of company that will hold as an investment for more than one year. Example :- Stocks, bonds, assets held for use, etc.

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