Use the Following Data to Determine the Total Dollar Amount

question 128

Multiple Choice

Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. 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)$990,000
• B)$525,000
• C)$735,000
• D)$585,000

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Definitions:

Window

An opening in a wall or structure, typically filled with glass, that lets light and air into the space and allows occupants to see out.

Opening

An initial part or opportunity in various contexts, such as in an argument, a job, or an anatomical structure.

Aseptic Technique

A set of practices and procedures performed under sterile conditions to prevent contamination and infection.

Contamination

The presence of an unwanted substance or microorganism which makes something impure or hazardous.