Use the following data to determine the total dollar amount

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Reference no: EM13569335

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

Reference no: EM13569335

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