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Use the Following Data to Determine the Total Dollar Amount

Question 52

Multiple Choice

Use the following data to determine the total dollar amount of assets to be classified as current assets. Carne Auto Supplies  Balance Sheet  December 31,2022  Cash $0,000 Accounts receivable 100,000 Inventory 140,000 Prepaid insurance 80,000 Stock investments 180,000 Land 190,000 Buildings $230,000 Less: Accumulated  depreciation (60,000) 170,000 Patent 140,000 Total assets $1,070,000 Accounts payable $130,000 Salaries and wages payable 20,000 Mortgage payable 180,000 Total liabilities 330,000 Common stock 240,000 Retained earnings 500,000 Total stockholders’ equity 740,000 Total liabilities and  stockholders’ equity $1,070,000\begin{array} { l } \text {Carne Auto Supplies }\\ \text { Balance Sheet }\\ \text { December 31,2022 }\\\begin{array}{lr}\text { Cash } & \$ 0,000 \\\text { Accounts receivable } & 100,000 \\\text { Inventory } & 140,000 \\\text { Prepaid insurance } & 80,000 \\\text { Stock investments } & 180,000 \\\text { Land } & 190,000\\\text { Buildings } & \$ 230,000 & \\\text { Less: Accumulated } & \\\quad \text { depreciation } (60,000) & 170,000 \\\text { Patent } & 140,000 \\\text { Total assets } & \$ 1,070,000\\\end{array}&\begin{array}{lrr}\text { Accounts payable } & \$ 130,000 \\\text { Salaries and wages payable } & 20,000 \\\text { Mortgage payable } & 180,000 \\\text { Total liabilities } & 330,000\\\\\\\text { Common stock } & 240,000 \\\text { Retained earnings } & 500,000 \\\text { Total stockholders' equity } & 740,000 \\\text { Total liabilities and } & \\\text { stockholders' equity } & \$ 1,070,000\\\end{array}\\\end{array}


A) $390000
B) $250000
C) $570000
D) $330000

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