Use the Following Data to Determine the Total Dollar Amount
Question 88
Question 88
Multiple Choice
Use the following data to determine the total dollar amount of assets to be classified as investments. Carne Auto Supplies Balance Sheet December 31, 2017 Cash Accounts receivable Inventory Prepaid insurance Stock investments Land Buildings $230,000 Less: Accumulated depreciation (60,000) Trademarks Total assets $70,000100,000140,00080,000180,000190,000170,000140,000$1,070,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities Common stock Retained earnings Total stockholders’ equity Total liabilities and stockholders’ equity $130,00020,000180,000$330,000$240,000500,000$740,000$1,070,000
A) $0 B) $320,000 C) $180,000 D) $280,000
Correct Answer:
Verified
Unlock this answer now Get Access to more Verified Answers free of charge