Use the following data to determine the total dollar amount of assets to be classified as current assets.
Koonce Office Supplies
Balance Sheet
December 31, 2012
| Cash |
|
$130,000 |
|
Accounts Payable |
$140,000 |
| Prepaid Insurance |
|
60,000 |
|
Salaries Payable |
20,000 |
| Accounts Receivable |
|
100,000 |
|
Mortgage Payable |
160,000 |
| Inventory |
|
140,000 |
|
Total Liabilities |
$320,000 |
| Land held for Investment |
|
150,000 |
|
|
|
| Land |
|
180,000 |
|
|
|
| Buildings |
|
$200,000 |
|
Common Stock |
$240,000 |
| Less Accumulated |
|
|
|
Retained Earnings |
500,000 |
| Depreciation |
(40,000) |
160,000 |
|
Total Stockholders' Equity |
$740,000 |
| Trademarks |
|
140,000 |
|
Total Liabilities and |
|
| Total Assets |
|
$1,060,000 |
|
Stockholders' Equity |
$1,060,000 |