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Use the Following Data to Determine the Total Amount of Working

Question 57

Multiple Choice

Use the following data to determine the total amount of working capital. Edie’s Flomer Shoppe Balance Sheet  December 31,2022  Cash $126,000 Accounts receivable 120,000 Inventory 210,000 Prepaid insurance 90,000 Stock investments 255,000 Land 285,000 Buildings $339,000 Less: Accumulated  depreciation (60,000) 279,000 Trademarks 210,000 Total assets $1575,000 Accounts payable $165,000 Salaries and wages payable 30,000 Mortgage payable 270,000 Total liabilities 465,000 Common stock $360,000 Retained earnings 750,000 Total stockholders’ equity 1,110,000 Total liabilities and  stockholders’ equity $1,575,000\begin{array} { l } \text {Edie's Flomer Shoppe }\\\text {Balance Sheet }\\\text { December 31,2022 }\\\begin{array}{lr}\text { Cash } & \$ 126,000 \\\text { Accounts receivable } & 120,000 \\\text { Inventory } & 210,000 \\\text { Prepaid insurance } & 90,000 \\\text { Stock investments } & 255,000 \\\text { Land } & 285,000\\\text { Buildings } & \$ 339,000 & \\\text { Less: Accumulated } & & \\\quad \text { depreciation } (60,000) & 279,000 \\\text { Trademarks } & 210,000 \\\text { Total assets } & \$ 1575,000\end{array}&\begin{array}{lr}\text { Accounts payable } & \$ 165,000 \\\text { Salaries and wages payable } & 30,000 \\\text { Mortgage payable } & 270,000 \\\hline \text { Total liabilities } & 465,000\\\\\\\text { Common stock } & \$ 360,000 \\\text { Retained earnings } &{750,000}\\\text { Total stockholders' equity } & 1,110,000 \\\text { Total liabilities and } & \\\text { stockholders' equity } & \$ 1,575,000\end{array}\end{array}


A) $606000
B) $351000
C) $381000
D) $261000

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