Use the Following Data to Determine the Total Dollar Amount

question 76

Multiple Choice

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, 2017
$\begin{array}{lrlr}\text { Cash } & \$ 195,000 & \text { Accounts payable } & \$ 210,000 \\\text { Accounts receivable } & 150,000 & \text { Salaries and wages payable } & 30,000 \\\text { Inventory } & 165,000 & \text { Mortgage payable } & 240,000 \\\text { Prepaid insurance } & 90,000 & \text { Total liabilities } & \$ 480,000\\\text { Stock investments } & 255,000 \\\text { Land } & 270,000 \\\text { Buildings } \quad \$ 315,000& &\text { Common stock }&\$360,000\\\text { Less: Accumulated }&&\text { Retained earnings }&750,000\\\text { depreciation }\quad(60,000) &255,000&\text { Total stockholders' equity }&\$1,110,000\\\text { Trademarks } & 210,000 &\text { Total liabilities and }\\\text { Total assets } & \$ 1,590,000&\text { stockholders' equity }&\$1,590,000\end{array}$

• A)$855,000
• B)$600,000
• C)$510,000
• D)$435,000

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Definitions:

Cephal/o

A prefix in medical terminology meaning "head."

Crani/o

A prefix related to the skull or cranium, used in medical terminology.

Carp/o

A combining form used in medical terminology referring to the wrist (carpal bones).

Cervic/o

A combining form referring to the neck or the cervix.