Use the following data to determine the total dollar amount of assets to be classified as current assets.
Carne Auto Supplies
Balance Sheet
December 31, 2017
Cash
$ 70,000
Accounts payable
$130,000
Accounts receivable
100,000
Salaries and wages payable
20,000
Inventory
140,000
Mortgage payable
180,000
Prepaid insurance
80,000
Total liabilities
$330,000
Stock investments
180,000
Land
190,000
Buildings
$230,000
Common stock
$240,000
Less: Accumulated
Retained earnings
500,000
depreciation
(60,000)
170,000
Total stockholders' equity
$740,000
Trademarks
140,000
Total liabilities and
Total assets
$1,070,000
stockholders' equity
$1,070,000
Answers: 2
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