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:

Continuance Commitment

Commitment that results when an employee remains with a company because of the high cost of losing organizational membership including monetary and social costs.

Normative Commitment

A commitment to the organization based on feelings of obligation.

Performance Review

A formal assessment where an employee's work performance is evaluated and discussed.

Hiring Process

A series of steps taken by employers to recruit, select, and onboard new employees effectively.